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Foreclosure Percentages Down in May

The percentage of Bank-Owned (REO) sales in May dropped a bit to 27%. The percentage of REO’s sold through the first 5 months of 2009 is 34%. This isn’t a big surprise as banks have been holding back on putting foreclosures on the market. What’s yet to be seen is if there is a flood of REOs going to hit the market as some say will happen.

The median home price for REOs sold in SLO County in May was $282,450. The median home price for non-foreclosures was $455,000. The median price for Short Sales in May was $320,000. Because the REO percentage is lower, the median home price for SLO County will probably be higher for May. I wonder when the media gets the Data Quick numbers for May in about 3-4 weeks, if they will mention that the lower REO percentage may be the reason for the higher median home price or will the headline read “median home prices rise in May” with mentions that we may have hit bottom and prices are on the upswing.

Here are where the REOs (homes, not condos) sold:

Paso Robles – 16
Atascadero – 12
Nipomo – 9
Cuyama -3
Oceano – 2
Los Osos – 2
Grover Beach – 2
Pismo Beach – 1
Arroyo Grande – 1

And the Short Sales:

Paso Robles – 9
Arroyo Grande – 3
Templeton – 3
Nipomo – 2
Los Osos – 2
Grover Beach – 1
Cambria – 1
Atascadero – 1

Written by Keith Byrd - Go to Keith's Website/Profile