National Foreclosure Filings Increase in December 2009.
The value of Dublin Ranch homes, whether they be single-family homes, or condos and townhomes have stabilized for the time being. That’s good news. The concern is how long that change is going to be around…
It’s true, there are a LOT more loans that are in default right now than are actually being foreclosed. I remember reading recently that only about 5% of the loan modifications from the “Making Home Affordable” program are actually going through, and that’s not good. Last year, 4.75% of the total homes in California had a foreclosure filed against it. When you consider that a greater portion of those homes don’t even HAVE a mortgage against them, it’s a pretty staggering scenario!
So has Dublin Ranch hit bottom yet? Honestly, I really don’t know. Here’s what I do know: next week I’m attending an orientation for Vendor Resource Management (VRM) in Sacramento, CA. VRM is an asset management company based in Texas that I worked with when selling Freddie Mac REOs last year. They did one of these orientations in Oakland last month, and are supposed to be doing another in Los Angeles next month. After perusing their website today, I noticed that not only are they hiring real estate agents but they’re also hiring more asset managers (the people Realtors actually work for…). Their website says they have five open positions.
So, while supply of Dublin Ranch homes is currently limited, I’m wondering if that’s going to continue to be the case. Only time will tell. What I can tell you now is that your real estate team at Dublin Ranch Lifestyle is pursuing relationships with as many asset managers as possible to bring you the very best investment properties in the East Bay as they come available. We’re excited to help Dublin Ranch residents build wealth in their investment portfolios, and we’ll definitely keep you posted as things progress.