$26B Foreclosure Settlement's Effect on Redwood City Real Estate
Do you feel more confident with a larger cash flow coursing into Redwood City?
Photos
On Feb. 9, the federal and state officials announced a $26 billion settlement deal with five major lenders, meaning California will receive roughly $18 billion in terms of principal write down and short sales in the next 3 years.
However, the Redwood City real estate market remains very much like last week. The major change is the trend with properties increasing their listing price has dropped to 0.
There were about 1-2 sellers increasing the price every week in the last 2 months. Inventory levels remained low at around a two months supply.
| No. of listings | 116 |
| No. of REOs (real estate owned, by a bank, government agency, etc.) | 4 |
| No. of short sales | 23 |
| No. of regular sales | 89 |
| No. of new listings last week | 25 |
| No. of listings has price increase last week | 0 |
| No. of listings has price decrease last week | 7 |
| No. of listings become pending last week | 17 |
| No. of property sold last week | 11 |
| Inventory level | 2.27 months |
Homes sold this week (data source from MLS Listings Inc. and the San Mateo County Recorder's Office):
| Address | Closing Sale Price | Beds | Baths (F|P) | Estimated Square Footage |
| 1240 WOODSIDE ROAD,#16 | $225,000 | 2 | 2|0 | 1,035 |
| 1363 GORDON STREET | $424,500 | 2 | 1|0 | 840 |
| 925 15TH AVENUE | $445,000 | 2 | 1|0 | 1,040 |
| 4 PORTOFINO CIRCLE | $700,000 | 3 | 2|0 | 1,500 |
| 219 CERRITO AVENUE | $710,000 | 3 | 2|0 | 1,670 |
| 106 HORGAN AVENUE | $840,000 | 3 | 2|1 | 2,380 |
| 563 PALOMAR DRIVE | $885,000 | 5 | 3|0 | 2,410 |
| 547 SAPPHIRE STREET | $910,000 | 3 | 3|0 | 2,000 |
| 395 NEWCASTLE DRIVE | $920,000 | 4 | 2|1 | 2,380 |
| 805 PRISM LANE | $990,000 | 4 | 2|1 | 2,280 |
| 537 MYRTLE STREET | $1,100,000 | 4 | 2|0 | 1,970 |
Note: These statistics are generated using information from the MLSListings Inc. multiple listing service, but have not been verified and are not guaranteed. MLSListings Inc. disclaims any responsibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions. Neither Patch.com nor MLS Listings Inc. guarantees the completeness or accuracy of the information.
For more news about Redwood City and surrounding areas, including unincorporated San Mateo County, follow us on Twitter and "like" us on Facebook.
Get Patched in daily by signing up for our newsletter.
