April saw a definite uptick in the purchase of foreclosures. It used to be you would present a offer on a foreclosure and you were the first and only offer in months. That is no longer the case. In “hot” foreclosure areas, sales were up, multiple offers were up and so were the prices. The median price for Santa Clara County was $390,000 for March 2009. April 2009’s median price was $435,000. 43% of the 1,171 single family homes sold were foreclosure re-sales.
Lets keep in mind that March 2008 had a median price of $620,000 for Santa Clara County. Last year there were more sales of high end homes. We are in a different market right now with investors and first time home buyers looking for great deals. This is a good first sign that the market is improving.
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