As I described in one of my last blog posts, Contra Costa continues to be one of the hardest hit counties in the Bay Area, in fact, the entire state of California. We’ve seen median price drops from the peak of a low of 36% to a high of 70%. That is astonishing to think, isn’t it? The distressed home market continues to drive many areas of our Central and East Contra Costa housing markets, though we are seeing a bit more of a push by some banks to short sale, vs. a foreclosure.
Here is some historical information on foreclosures and defaults from Foreclosure Radar:
Contra Costa foreclosure filings over the last 3 years have been declining:
Contra Costa foreclosure inventories have also seen drops over the last 3 years:
Clayton down 43.4%
Concord down up to almost 50% (again, depending on zip code)
Pleasant Hill down 43.9%
The biggest drops are in East County, no surprise there:
Antioch down 64 – 67% (94509 and 94531 respectively)
Brentwood down 55%
Pittsburg down 69%
Check out the rest of the Times article here.