“PENDING” SALES IN AMADOR COUNTY

By Elke Duffy, Broker
Amador Realty, www.amadorrealty.com

As of July 18, 2009 there are a total of 54 “pending sales” of residential properties in Amador County. These numbers include several mobile homes and manufactured homes but no pending contracts on vacant land.

Although our Multiple Listing Service shows a higher number of total pending sales, I am only counting those which are within Amador County. The numbers paint a very interesting picture of current real estate activities in our county. Of the total number of 54 pending sales 10 are short sales (a “short sale” is a sale of real estate when the proceeds from the sale are short of the current mortgage balance owed on the property).

22 of the pending sales are bank owned, also known as “REO.” (REO stands for real estate owned. These are properties that revert to the bank if the foreclosure auction did not result in a successful sale).

Only a total of 22 pending sales in Amador County are regular transactions. So it becomes readily apparent why property values are still depressed. The overall real estate market in Amador County should improve, however, once the inventory of short sales and bank owned properties has been sold. In the meantime there are great opportunities for those who have the funds and are in the market to purchase a home. So, you see, there is always a silver lining for some even in tough times.

COPYRIGHT 2009 AMADOR COUNTY CHAMBER OF COMMERCE