Marin County Foreclosures: As Usual, It’s Not As Bad As You Think
The latest foreclosure news from Data Quick is up - the Marin IJ story ran yesterday. And the San Francisco Chronicle did also.
The news is not good. But it’s not nearly as bad as the headlines.
First, some perspective. There were 40 foreclosures in Marin in the fourth quarter, according to the IJ. There were also 486 sales, according to MLS. In Contra Costa, for the same time frame, there were 1,558 foreclosures, and 1,559 homes sold, according to the Chronicle article. In other words, there were as many foreclosures as there were homes sold.
So for openers, Marin County is much better than other parts of the state. Of course, if the patient is near death, that may not be saying much.
But in absolute terms, the number is small. Will it increase? Probably. Mortgages are going to continue to re-set through this year, and that is going to create more foreclosures.
I don’t want to make light of this. In my last post I talked about low offers, and said in one case I would have counseled the Seller to counter back way over asking price. (That’s one way to find out people are reading your blog by the way, lots of feedback on that). Foreclosures create massive pain, emotional and financial, for everyone.
But it’s not a panic situation in the least. In fact, homes are selling, on average, at slightly over 96% of list price. Is pricing lower? In many markets, yes. But are Sellers jumping on offers at 80% of list price? Not from what we’ve seen among our listings and buyers, and not according to the MLS data.
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[…] Hillary Clinton for President wrote an interesting post today onHere’s a quick excerptThere were 40 foreclosures in Marin in the fourth quarter, according to the IJ. There were also 486 sales, according to MLS. In Contra Costa, for the same time frame, there were 1558 foreclosures, and 1559 homes sold, according to the … […]
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