Foreclosures in Town?
Posted by CityBlogCA on May 28th, 2007
Can anyone speak to the issue of foreclosures in Berkeley, California? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Berkeley?
Loading ...
What about foreclosures? That’s a category of sales we just haven’t concerned ourselves with in Berkeley for many years. Currently at the state level roughly 11.5% of listings are foreclosures. Of the 100 residential listings in Berkeley today, six of them are foreclosures. They’re all in the flats, five of them right around San Pablo and Ashby. There was a foreclosure in North Berkeley that I showed, and even needing a new foundation and much structural work, it went into contract almost immediately. With almost no new development in our area, we are not likely to have foreclosures or short-sales be a major part of our market.