Walnut Creek foreclosures have accounted for about 25% of the total market of sold properties over he past two years.
However, in January 2011, the precentage of Walnut Creek foreclosure homes - sometimes referred to as “Walnut Creek repo homes” - jumped to over 50% of the homes sold in Walnut Creek!
As the graph shows below, Walnut Creek foreclosures – more specifically the homes that have had Notices of Default filed - have stubbornly maintained the same level throughout the past year after retreating from a high in mid 2009.
Walnut Creek Foreclosures – February 2011 Report
Notices of Sale, a precursor to a sale on the courthouse steps, have also shown a steady rise over the past two years.
Foreclosure Filings for Walnut Creek Califonrnia, February 2011
As the next graph shows, there appears to be a disconnect between the Walnut Creek foreclosure homes purchased by third-parties, which has actually decreased, and the cancellations of foreclosure and the Walnut Creek repo homes. Some good news in this graph might be the indication that banks are more willing to work with the current homeowners in Walnut Creek facing foreclosure as witnessed by the increase of cancellations of sale.
The homes in Walnut Creek taken back by the bank will no doubt re-appear in the form as a foreclosure listing in the near future – increasing the supply of Walnut Creek homes for sale on the real estate market.
Outcomes of Foreclosure Sales in Walnut Creek California
In the next graph, we find Walnut Creek foreclosure homes entering the market, or about to enter the market, are appearing in ever increasing numbers.
Foreclosure Inventories for Walnut Creek California
With this large number of foreclosure homes in Walnut Creek commanding a larger share of the market overall, it is difficult to imagine and real appreciation due to the traditional engine of under-supply.
It seems that Walnut Creek foreclosurese will continue to be a major force in the local real estate market for months to come.
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