Question:
“Are there still any short sales and foreclosures? I don’t see them anymore.”
Answer:
Remember 2008-2011 when it was so rare to see a home offered that was NOT a short sale or foreclosure that we referred to them as “traditional sales”?
In many neighborhoods (Eastlake, Spring Valley, etc.), if your life depended on it you just could not buy a home that wasn’t a foreclosure or short sale.
Today short sales and foreclosures are a rarity. A mix of bad and good developments have got us to this point:
- Thousands of San Diegans lost homes to foreclosure
- Thousands more sold via short sales
- A few people were able to sell via traditional sales
- Others got loan modifications allowing some to keep their homes
- Price appreciation turned many upside down homes positive
- An arguably slightly improved job market helped many people hang onto their homes
