Alameda Foreclosures Up Slightly

Although the numbers are small, the listed number of foreclosures for the Alameda market reached a 17-week high as of Sunday. I t appears that the homes that are in default are being filtered into the market by banks at a trickle.

In 30-weeks of tracking foreclosures in both the 94501 and 94502, the high number was 17 homes for sales back in November of last year. This week saw seven consecutive of increases starting April 26 from a low of six homes to this week’s 13 homes that reverted back to the lender.

Of the 13 properties on the market, 10 are single family residences. The home at 1192 Park has had difficulty selling. It has sat on the market for 246 days and has just one price reduction back on June, 11 dropping the price by $40,000: $685,900 to $645,900.

The remainder of the inventory has come on the market at two to three units per month since March.

Alameda has seen just a small portion of the foreclosure meltdown that has hit the region, the State and the Nation. The City’s small real estate market needs to be aware that a significant amount inventory still is in the default process. According to RealtyTrac (as of 6/14/09), 106 Alameda properties are in Pre-foreclosure. This is the group that needs to be monitored. If all a large portion of this group become banked owned this could significantly impact the local market.

In addition to the pre-foreclosures, Alameda also has: 57 homes in Trustee Sale, and 71homes are Banked owned.