Here’s the latest East Bay Numbers.
REO inventory is being depleted without replenishment, more buyers and investors are coming into the market, and escrows are now taking longer due in part to appraisal changes, underwriting overload, and in general a slower process with bank owned properties.
I’ve been tracking 38 cities in the East Bay for over four years now. This is the lowest inventory I’ve seen, the highest pending/over active ratio, and month’s supply is near the levels of mid 2005.
We’re now into our fourth month showing this trend. It’s really become a seller’s market in many areas.
I’ve attached my spreadsheet for your review and also included a summary I wrote two months ago on the dramatic changes taking place in our market place.
We’ve anticipated that this “window” may be just that with all the indications of more foreclosures coming onto the market. However, that hasn’t taken place yet. In the meantime we have buyers scrambling for fewer properties.
