Foreclosure properties still represent a viable strategy for small investors to purchase distressed homes at a discount. However, Real Estate market in in Silicon Valley is very competitive thanks to well branded companies like Facebook, Google and others who continue to hire in large numbers which increases the demand for single Family Homes.
In case of Mountain View Foreclosures, there are some interesting trends where the Notice of Sales dropped by 25% for May 2013 compared to May 2012. There was also a considerable decline in Notice of Defaults by 33%. However, because of the rapid pace of hiring and growth of Google and others, the area is enjoying a robust employment condition which creates huge demand on Single Family Homes. In fact, Mountain View Foreclosures have remained in single digits for the majority of 2012 and we anticipate this trend will continue.
Now that we know that volume of Mountain View Short Sale, Mountain View REOs and Mountain View Auction homes will be in single digits, the smart money would be to see how competitive the prices are at the Court House for Distressed Property acquisition. The chart blow clearly indicate that the Pre-foreclosure declined by 100% over the the SAME month in 2012! Also Mountain View Bank Owned (REO) declined by 15% reflecting the ongoing trend where the banks are promoting more Short Sales instead of REOs.
Bottom line is that Mount View with very limited inventory will be a tough market to focus on for Foreclosure Bargains. You can start your search for Foreclosure Listing page to locate Short Sale, REO and Auction properties in Mt. View and Contact Us to help you develop a strategy to secure a specific property.