Short sale rates still high in some San Mateo County cities..

Aug 29 2009

Published by Chuck at 1:18 pm under Peninsula Real Estate

Short Sales and the Economy.

A good indicator of how the economic recovery is proceeding is to keep tabs on the number of short sales that are taking place. As long as prices are dropping or remaining at depressed levels, you’ll see more short sales as people choose to sell their home for less than what they owe on their mortgage. In San Mateo County, that rate varies widely between the various cities that comprise the County.

San Mateo County Rates.

Here’s a quick snapshot of the short sale rate of some of the communities on the Peninsula. The percentage is determined by the number of short sale listings compared to the total number of listings (for single family residences.)

Daly City: 42.1% (24 short sales out of 57 total listings)
San Bruno: 33.3% (11 out of 33)
Belmont: 11.4% (5 out of 34)
Menlo Park: 10.9% (10 out of 92)
Redwood City: 10.9% (14 out of 129)
Foster City: 9.5% (2 out of 21)
San Carlos: 9.3% (5 out of 54)
Pacifica: 7.5% (3 out of 40)
Burlingame: 5.9% (4 out of 68)
Millbrae: 5.1% (2 out of 39)