The market add three new foreclosures this past week and you can see that distressed properties make up almost 30 percent of the Island's inventory. Distressed properties have made up 25 percent of the market since November. I think that this trend is going to continue most of this year.
The inventory for week shows that single family residence are still below 60 units. Of the 56 units for sale 16 of those properties are either a short sale or foreclosure; this is 29 percent of the inventory. If you are looking on Bay Farm the inventory 25 units, so buyers do not have much selection.
I would expect a bit of a sales run as the Federal Tax Credit comes to a close in April (buyers need to be in contract by April 30, 2010) on lower end properties that would fit the income limits for buyers. Until the market gains new inventory prices will be low and sales will be slow.
Alameda Inventory: February 12, 2010
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