Stress or Distressed

Just adding to yesterday's post about shadow inventory. I wanted to provide a chart that shows both foreclosures and short sales listed on the Multiple Listing Service (MLS). These are Alameda properties that have been placed on the open market for sale.

You can see that distressed properties have declined since a high in January. The combined foreclosure and short sales for the week were 29. In terms of listed foreclosures, on May 17, we saw a 26-week low of just eight listed. The high was back in November when the Alameda market had 17 foreclosures on the market.

Given that RealtyTrac is reporting 93 homes in pre-foreclosure, 53 at the auction stage and 75 banked owned it appears that the MLS is under-reporting.

Link to Larger Chart