With one of the best public school districts in Silicon Valley, Cupertino appeals to a lot of families with kids. But most of our Cupertino buyers are frustrated by the lack of inventory of distressed homes. And indications are the inventory situation is not going to improve any time soon.
The Foreclosure data for Cupertino in July 2013 shows that number of REOs and Auction properties are rapidly declining. Below is the chart of Cupertino foreclosure Data from Property Radar that shows significant decline in the number of REOs and Auction properties.
The data shows that Notice of Defaults dropped by 33% from previous year while the Notice of Sales have declined more than 100% to zero!! That means no more homes are being sent to foreclosure auctions from Cupertino.
As for foreclosure inventories that data is not that promising either since the recent increases in home prices have allowed some Campbell homeowners to avoid Short Sale and list their home for a Fair Market Sale.
The published bid for July 2013 in Cupertino increased by 682% compared to the same month last year. And the Winning bid was higher by 173% at $1,390,000.
This data clearly indicates the market is heading to fair market sales and the foreclosure sales will no longer dominate the market. However, given the tight credit market on residential loans that will be a tall orders since most of the major lenders are still gun shy about offering jumbo loans for these kind of sellers who want to move up.
As this trend continues it creates demand for regular properties where our cash buyers can make a quick offers to your home if you are ready to sell. Contact Us for a Complimentary Home Value Report showing how much you will net if we sold your house today.