The year over year numbers are in for September for Short Sale and REO transactions in Contra Costa and Alameda Counties. As has been typical for the last few years the hardest hit areas are mostly in outlying areas of Eastern Contra Costa County, and areas where subprime loans were highly concentrated.
The following cities had more than 30% of their total sales sold as Short sales:
Antioch, Bay Point, Brentwood, Concord, Discovery Bay, Hayward, Hercules, Livermore, Newark, Oakley, Pacheco, Pinole, Pittsburg, Richmond, Rodeo, San Leandro, San Lorenzo, San Pablo, and Union City. Most of these cities have had a continued increase in NODs (notice of defaults) and thus an increase in short sales.
Areas that are less impacted by NODs and thus have lower short sale numbers are:
Alamo, Albany, Berkeley, Piedmont, and Sunol with less than 10% of sales being short sales. Most of these areas are more established and generally have higher incomes. This isn’t to say this trend will continue, it is possible that as many of these higher loan amounts become variable, NODs could rise in these areas over the next year.
Collectively in Contra Costa and Alameda Counties the number of properties sold as Short Sales are slightly over 30%. What this means for home buyers is an opportunity to buy a short sale home at a great discount if you are willing to wait it out.
Here is the full report: Short Sale Statistics for Contra Costa and Alameda Counties Sept 2010 (best way to view is print out and lay side by side)
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