Antioch California - The Major Shift in the Bank Owned Home Market
A few weeks a go I wrote about Investment Properties in the 94509 Zip Code of Antioch (a popular area for investors).
I talked about one shift happening in the market with Bank Owned Homes being out numbered by Short Sales and Traditional Sales; but there is another dynamic Shift going on!
The New Shift in Bank Owned Homes is who is Selling the Bank Owned Homes.
Now it is hard to put together a list of exactly who is selling what as there is no one simply column or search that provides that information. But we can get numbers on Bank Owned Home sales easily. Then taking those numbers we can do Key Word Searches and check a couple other places and get some fairly decent numbers.
There is a dramatic increase in the number of Government Owned Homes on the Market vs. those being sold directly by the banks.
In 2010 795 Bank Owned Homes sold in Antioch Ca, 92 of those were Fannie Mae Homes, 8 were Freddie Mac Homes, and 1 HUD Home; slightly over 1/8 of the market was government owned homes.
Right now in Antioch there are 76 Bank Owned Homes on the Market; 19 are Fannie Mae, 2 are Freddie Mac and 1 is HUD; more than 25% of the market and a dramatic increase from last year.
I think the banks are reluctant to foreclose or put foreclosed properties on the market right now. This is for 3 reasons:
- Fear of litigation and government penalties over robo signings and poorly executed foreclosures.
- When they foreclosure on a home the banks take a big hit on the books. They are trying to avoid those hits.
- Banks are trying to put more homes in the Short Sale category and avoid foreclosure (still not handling this well but getting better).
The primary consequence is fewer foreclosed homes on the market and higher prices on those that are on the market.
Here are the Bank Owned Homes in Antioch Right Now. Let me know what looks good to you. I can send you a free list of homes anywhere you want fitting any criteria.
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