Monterey Foreclosures – Update

As we get into summer the REO market in both Seaside and Marina has tightened up. Seaside has 107 listings and 70 of those are in escrow which is 65% of the properties are pending. It is a similar situation in Marina with a total of 60 listings of which 38 or 63% are pending.

It is not really a buyers market in the affordable range of under $400,000. Multiple offers on houses are common. The houses that require the least amount of work often sell for higher than the list price.
May 31, 2009