Sonoma County Foreclosures---Where are the Sonoma REOs?
For weeks we've been expecting lenders to put their Sonoma County foreclosures on the market. An earlier post of mine detailed the hundreds of Bank Of America Sonoma County foreclosures that are said to heading into the marketplace.
Well...where are they? The spring market is upon us and and new listings are showing up on the MLS. One BofA REO hit the market in Sonoma Valley last week and two days ago a GMAC Sonoma Valley REO showed up, too. But in recent days, that's all. Real Estate Economy Watch, a nationwide online real estate market analysis service, just posted on the mystery of the Sonoma County foreclosure inventory...and here's their take on the situation.
I'm willing to speculate that the lenders have done a brilliant job using the media (and bloggers like me) to hype anticipation for the introduction of this shadow inventory. The longer the banks delay in getting these properties on the market, the greater the likelihood of stronger pent-up demand. The Sonoma real estate market needs more inventory and I'd like to see the banks start moving this next wave of foreclosures toward us as soon as they can.
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707.337.1182 | Kirsten@KirstenLindquist.com | SonomaIsHome.com
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Are you seeing more or less these days?
your friend in Charlottesville!
Are you seeing more or less these days?
your friend in Charlottesville!
Hi Charles: We've got a significant number is distressed properties listed right now...perhaps 20 percent of our inventory. Almost all of these are short sales, though. Few REO's. How about your market?
Kirsten,
We hear that the Sonoma Market is gaining some steam! Perhaps foreclosures are being averted.
So you think the banks are using us to increase anticipation? Could be, you never know!
Ron/Alexandra: We're not sure what's happening with the foreclosure market. Just heard today that two very desirable foreclosed homes were recently sold on the courthouse steps. These were properties that might have been listed and sold but they never got to the mls. Curious times.
Rich: When I was a newswoman I was quite tuned in to the symbiotic relationship between news makers and the news media. Now that everyone is capable of "broadcasting news" it seems logical to me that the banks are using folks who blog in much the same way. We need info to blog...they need channels thru which to distribute their strategically released info. Get's you thinking, doesn't it...about our sources of material for blogging...