Distressed-loan home sales slip in first quarter
By Jeff Quackenbush, Business Journal Staff Reporter
One-third to half of North Bay home sales still involve troubled loans
There was a dramatic drop in the number of North Bay homes in the first quarter of this year sold while facing foreclosure or after having been taken back by lenders compared with a year before, and there was some improvement in the proportion of distressed-loan homes selling compared with the rest of the market, according to figures released this morning by a real estate tracking service.
Among the six North Bay counties, only Mendocino had an increase in the number of homes sold because of troubled loans, rising nearly 19 percent over the year, according to Irvine-based RealtyTrac. The rest of the counties enjoyed declines, ranging from nearly 13 percent in Napa to almost 46 percent in Lake. The most populous counties — Sonoma and Solano — had declines of 26 percent and nearly 19 percent, respectively. That matches statewide and national declines from early 2010 of nearly 29 percent and almost 36 percent.
Yet foreclosing and lender-owned homes still dominate one-third to half the North Bay for-sale home market, though those proportions showed improvement over the year, according to RealtyTrac.
| First quarter 2011 | First quarter 2010 | ||||||||
| Location | Sales | Chg. from Q1 2010 |
% of all sales |
Avg. price | Avg. discount | Sales | % of all sales |
Avg. price | Avg. discount |
| Lake | 89 | -45.7% | 42.8% | $101,973 | 18.1% | 164 | 49.2% | $124,776 | 19.2% |
| Marin | 174 | -8.9% | 31.0% | $531,707 | 32.6% | 191 | 30.9% | $569,216 | 33.8% |
| Mendocino | 76 | 18.8% | 42.2% | $193,665 | 25.0% | 64 | 41.6% | $257,144 | 17.2% |
| Napa | 173 | -12.6% | 48.1% | $321,104 | 16.9% | 198 | 46.7% | $295,568 | 23.2% |
| Solano | 883 | -26.2% | 58.1% | $197,382 | 14.4% | 1,197 | 57.8% | $200,883 | 16.8% |
| Sonoma | 595 | -18.6% | 45.9% | $299,000 | 19.0% | 731 | 46.6% | $310,676 | 21.1% |
| California | 44,018 | -28.6% | 45.2% | $247,623 | 33.9% | 61,666 | 47.7% | $246,733 | 38.0% |
| U.S. | 158,434 | -35.8% | 27.5% | $168,321 | 26.7% | 246,747 | 29.3% | $170,809 | 26.2% |
Source: RealtyTrac
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