A Loos Blog

Are foreclosures killing the home values in your neighborhood? In some neighborhoods in Hollister, Salinas and Gilroy foreclosed properties make up over 90% of the market.  If your home is in a neighborhood that has mostly foreclosed properties, these homes set the market price. No way around that fact.

The banks that own these foreclosed properties want them sold quickly, and sets the price a bit lower than the other homes for sale in the neighborhood.  Every new foreclosed listing is priced a little lower than the last, and prices just keep going down. 

But, in many of these neighborhoods, the prices have stopped falling. The number of sales is on the rise, and there are fewer homes for sale. Why is this happening?

First time buyers are out there in huge numbers. Investors have confidence in the market and are buying homes as quickly as they are listed. New FHA loans are in the market in force. Money and I mean lots of money, is being lent right now on homes in Hollister, Gilroy and Salinas in California.

Have you heard about this good stuff on ABC, CBS or NBC? Have you read this good news in the LA Times, New York Times or San Francisco Chronicle?

Let me know what you think.