What percentage of the MLS consists of distressed properties?
As a San Jose Short Sale Agent, I wanted to know what percentage of the properties listed in the local MLS represented distressed properties. Rather than rely on other people’s interpretation of the data, I decided to pull my own directly from the MLS.
I first pulled all of the particular types of property (either Single Family Residences or Condo/Townhomes) which were in active status today in Santa Clara County. Then I pulled from all of the same properties the ones that were identified by the listing agents as Short Sale and as REO (bank owned properties) to get the results.
The numbers were significant, but a bit less than I had anticipated.
Single Family Residences – Total Distressed Properties represented 26% of the properties for sale.
Condo/Townhomes - total distressed properties represented 33% of the properties for sale.
Given the high rate of unemployment in California and the current status of the Alt-A and Option ARM loans resetting in the coming months, I believe, unfortunately, this number will steadily increase.
