San Jose in Bay Area may turn out more homes on Short Sales

This is a prediction based on the situation obtaining as of now in this third largest city of California (10th largest in the country) and the County seat of Santa Clara. With latest Census records showing a population of little over 1 million this city is very prominent in the San Francisco Bay Area.

Looking back, the industrial development ushered San Jose in inviting people from other parts of the State in large numbers. The booming technology industry of San Jose was the reason why it is nicknamed as the Capital of Silicon Valley.

In the history of housing market of San Jose, right from the 1950s to the present, it attracted suburban new comers mostly. Today, there are excellent neighborhoods – mainly divided by important areas of Downtown, Central, East, West, North and South San Jose.

There are attractive communities in this busy metropolitan – Winchester; West San Jose; Downtown; Japan Town; Rose Garden; Willow Glen; and Almaden Valley – to name a few.-San Jose was one of the most-preferred locations for home buyers during the real estate boom years. Frantic crowds were seen in realtor offices to book their dream properties – even with escalated values due to demand.

Now that the foreclosure crisis has become history, the same property owners are facing the dark days ahead – what with impending foreclosure threat of their homes. Latest statistics is – totally 9,548 properties are listed for distress sale. This includes – default notice being served; scheduled for Trustee Sale foreclosure action and Repossessed properties by lenders after foreclosure public auction.

More precisely – as many as 2,491 properties are delinquent in the pre-foreclosure stage – expecting foreclosure process to be completed. A huge chunk of 3,703 properties are lying with Trustee Sale foreclosure auction at the third-party trustee offices.

It is common knowledge that many people are jumping the bandwagon of Short Sales as the best alternative for foreclosure avoidance. Of the many reasons for the popularity of Short Sales in San Jose – the recent Government guidelines pushing the lenders into approving the Short Sale requests by the delinquent borrowers is considered primary.

Posted by Eureka Expert on Mar 25 2010. Filed under Housing, Short Sales. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry