In another strong sign of Housing Recovery in Santa Clara County; last month the properties bound to foreclosure auction fetched 17% higher price for the same period in 2012 according to Foreclosure Radar. According to the foreclosure data for June 2013, the published bid for Santa Clara County homes declined by 1.57% but the opening bids were higher by 2.74%. So, if you are interested in buying a foreclosure home in Santa Clara County, the selection is going to be very limited and the competition will be firece.
The trading range for the Foreclosure data in June 2013 was between $415,000 to $520,000! This means that some investors paid a good premium at the Court House steps to be able to purchase a home from the Santa Clara County foreclosure auction. So even though banks got less than what they were hoping to fetch at the auctions, they made more money at these sales compared the 2012.
The data for Santa Clara Foreclosures in June 2013 also validates our experience in the massive number of bank owned REOs which declined by nearly 73%!!! The banks simply do NOT want to get stuck with REOs on their books. That’s why we are seeing a lot more Short Sales in the market compared to 2 years ago. The other sign of change in the Santa Clara Foreclosure market is the fact that with the recent rise of interest rates, some people have decided to scrap their plans to purchase a home and wait.
The other indication of market recovery in Silicon Valley is that the number of properties affected by foreclosure have declined substantially. In some cities such as Palo Alto, Los Gatos, Los Altos, Saratoga there are only a handful of distressed properties that reach foreclosure status. But regardless of your experience in buying distressed property, our team can help you secure additional properties for your investments.
Contact US if you are cash buyer in Santa Clara county.