NSDCC Distressed-Sales Gap
The gap between SD distressed and non-distressed pricing appeared to be widening yesterday.
Can we get a glimpse of what to expect for the rest of the year by analyzing the current pendings and contingents? How do they look around North SD County’s Coastal region?
We only have the list prices to consider, but you can see that the gap is substantial.
Detached-Home Pendings and Contingents in NSDCC
|Town or Area||# of Non-Dist.||LP Avg. $/sf||# of Distressed||LP Avg $/sf|
Will lenders ramp up their short-sale approvals to close out the books for the year?
It would make sense, especially with the California Homeowners Bill of Rights taking effect on January 1st, which will give homeowners (and their attorneys) more tools to fight. If you are selling, it would be a great time to lower your price to sell now, before nearby distressed-sales start closing around you.
For those who have specific concerns about where these properties are located, here are the lists of detached short sale and REO listings that are pending or contingent. Note that the days-on-market meter does not stop running until a contingent listing is put into pending: