February was a good but hectic month for me – filled with nothing but Short Sales!
Are short sales the “new” norm for real estate? Hate to say it but in this area, YES! I am immersing myself in the world of short sales, it’s sink or swim, no getting away from them!
So knowing that, let’s look at the stats for the local cities I’ve been watching.
Upland – 159 listings, 14 of those are REO and 49 are short sales.
Rancho Cucamonga – 343 listings, 53 REO and 156 short sales.
Claremont – 84 listings, 5 REO and 11 short sales -whoa!
Ontario – 243 listings, 50 REO and 164 short sales.
Fontana – 494 listings, 81 REO and 287 short sales.
My take on these numbers for March?
Well, dear old Claremont is picking up speed – 16 more listings, 4 more REO’s and only 1 more short sale.
Overall, the other cities saw increases in listings except Rancho, down 11. Lone wolf Fontana was the only city with more REO’s, the other cities were down for the count.
But SHORT SALES were UP in every city I’m currently watching!
The heat is on! I just want to throw this out there. Did you know that in the 91701 zip code, one of the most affluent in the Inland Empire, there are 175 Notices of Default on homes? These homeowners are 3 months delinquent. And these homes are NOT on the market. What happens when the loan modifications don’t work and they hit the market as SHORT SALES? The writing is on the wall…….
