July 14, 2010
Today’s San Jose Mercury News ran an article, “Santa Clara County’s high-end houses hit in foreclosure crisis“. This is not a huge surprise to local Realtors, who know that there are some luxury home communities in the Bay Area that have been badly hit with excessive numbers of foreclosures (Alamo comes to mind) and we’ve been seeing the numbers of distressed homes in upper price points begin to rise. (Cyberhomes reports that the numbers of delinquencies has fallen for the third quarter in a row nationwide.)
How bad is it in Los Gatos or Monte Sereno?
Our multiple listing service allows members to search property records by foreclosure status. This morning I did a quick check for Los Gatos (95030 and 95032) and Monte Sereno (95030) for homes in pre-foreclosure. Here’s what I found for homes (houses, condos, townhouses) in which there has been filed a notice of default (NOD), meaning they are in pre-foreclosure:
Monte Sereno – 3 homes
Los Gatos 95030 – 14 homes
Los Gatos 95032 – 35 homes
What we do not know is how many others are behind on their payments but there’s no NOD filed yet. In some cases, home owners can be many, many months behind and for various reasons their lenders don’t file the NOD. Cyberhomes used to have a market forcast report which could be purchased for a few dollars, and I had wanted to offer that link here, but the page is “not found”, so perhaps they stopped offering that service. What was good about it is that it revealed which areas had more loans with missed payments – the step prior to the NODs being filed. Sounded like a very useful tool. If I find that Cyberhomes is still making these reports available, I’ll update that post and provide the link here.