Sep 29, 2009

New Listing in Plumas Lake + No REOs !!

Hello Neighbors, follow up that last "search engine helper" blog post, here is some market news.

We just went live with a listing in Plumas Lake. That's about 10 minutes south of Marysville (in Yuba County).

That is an area like Lincoln (Placer County) that was overbuilt during the boom. Plumas Lake is much smaller in scale, but experienced similar swings. ...oh, and there is no actual "lake" in Plumas Lake.

Why should you care?

a) The house we have listed is really nice - 2041 Maverick Drive

b) The market research we did before going live was fascinating. There were 51 homes on the market in the area: 50 were short sales, and 1 was an investor flip (good luck). There were NO (Zero, Zilch) bank owned or "REO" homes. None. Amazing.

To have such an area as Plumas Lake without REO homes tells us some important information... foreclosure inventory has dried up, and banks aren't releasing those homes to the marketplace.

When (if?) will those foreclosure homes come to market? We don't know. The industry experts all have different opinions. We pay attention to the data. Once the data shows a story, you'll get an update through this forum.

- Jim

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