We don’t really anticipate seeing many foreclosures this year because the banks are beginning to work with their customers to stave them off. This year will see short sales. The Alt-A loans are almost all gone and now what will be coming up are some loans that should affect our market. The people who purchased homes in the mid to late 2000’s and who took out ARMs of 5 or 7 years are going to see them resetting this year. If they reset now, they’ll reset for lower then the original rate for the first year only.

Now is the time to educate yourself with the right information on each of your foreclosure-avoidance options. Formulate a plan, know your next steps and get back on track.

Are you wondering why you can’t get your loan modified? Are you wondering why every time you call they can’t find your file? What about the voices of the people you’re talking with, do they have strong accents making it hard for you to sometimes understand them?

Over all Foster City is the healthiest market in our area. Prices are up and we’re seeing that there were 2 months where prices exceeded the list price. This is something we haven’t seen in several years. Foster City sits in a perfect location for commutes to bio-tech or hi-tech, east bay or the City.

We saw about 10% of the listings sell and it takes a long while for the listing to sell. The listings are seeing price reductions in most, but not all cases. The difference between the Median list price and the Median sold price is 23% so someone hasn’t figured it out yet and that’s the seller. Be patient and you’ll get your deal but be sure your house has been sold before even making an offer in today’s market.