I was reading last Monday’s Napa Valley Register and the lead story was one by Jennifer Huffman, “Napa County foreclosures cut in half in 2013“. For those that read my posts regularly, you know I like to look at what is happening today to the distressed sale situation here in the Napa Valley.
Currently in Bareis, my local MLS, there are 358 properties for sale here with only 8 bank owned (REO) and 3 in foreclosure or a short sale. Of the 312 properties which have closed escrow in 2014, there were 20 REO’s and 20 distressed sales. In addition to the properties for sale, there are 30 REO’s and 47 distressed for the 595 properties which are in escrow, have an accepted offer on them.
Thus if the lower number of REO and distressed sales continue at their current pace, I expect the total of foreclosures for 2014 to be less than 100. Another step in the right direction but it will be a couple of years before these numbers approach the 2006 and before levels. Not quite out of the woods yet but definitely can see the edge of the forest.
Napa County foreclosures, from Jennifer’s article
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