Bay Area Real Estate Market Trends: Spike in Foreclosure Sales

Bay area foreclosure sales went up in the month of July, but even with the jump, foreclosure rates are still well below where they were after the housing crash in 2007. They are still below even where they were a year ago in May. If foreclosures stay on the rise however, it will increase the number of houses on the market.

We had seen a decrease in foreclosures since May, when a federal regulator warned banks to make sure they were diligent in following the rules of foreclosure when seizing properties. These rules include loan modifications, if possible, for homeowners in distress. It appears these foreclosures are now increasing. While it is extremely doubtful foreclosures will soar like they did in the housing crash, this increase does mean more home sales will come from foreclosures.

If you have been thinking about getting into the housing market, contact us. Cary Amo Realty serves the Bay Area by staying on top of the latest trends. We can show you how to take advantage of these trends, and help you maximize your real estate experience. We look forward to talking with you.

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