Buy well from among the San Jose foreclosure homes hidden amongst the parade of wealth and achievement in this hi-tech mecca and you have made your entry into one of the nation’s most desired cities. San Jose is yet another very large Californian city, the largest in North California, the tenth largest in the nation. It’s the county seat of Santa Clara, the “capital” of Silicon Valley, and has evolved from an area of orchards and canneries to the mecca of today, formed around such giants as Apple, Google, eBay, Adobe and many more. Unemployment is around 4.6%. San Jose has won accolades as a safe city. These are just some of the attractions that seem to outweigh the high cost of entry.
With a median price of a single family home at $863,000 this year, one could be forgiven for thinking that buyers are scarce, and the communities very rich. But high housing costs, high even by Californian standards, don’t seem to matter, Silicon Valley’s attractions, particularly the strong job market, outstrip any concerns over the cost of housing. As in all the nation’s cities there are rich and poor residents and communities but the majority of residents in San Jose are middle class with traditional middle class values. Sales at entry level and the lower end of the market have slowed, inventories of unsold homes have swollen in some neigborhoods, but in general the market is regarded as balanced, and new buyers to this market won’t find it as welcoming as elsewhere in the state.
The rate of foreclosure filings in San Jose goes against the California trend, and at 1 for every 557 households in August, is close
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to the national average. Of the 1000 plus filings that month, 80% were entries into pre foreclosure. With the demand for well priced homes very strong, many loans in default are cured before the foreclosure auction. A review of current foreclosure listings indicates that both the single family home and the lower average priced condo feature in many areas, and that the condition of the bulk of the distressed price homes appears on the face of it to be very good, compared with foreclosure property which gas sat through the six months of the process in say San Diego or Los Angeles. Vacant properties are less evident. Finding and negotiating a better deal on a pre foreclosure property has got to be a cost effective option for newcomers to San Jose. The tightening of credit is keeping a number of first home buyers out of the market, so the pressure is greater on the financially distressed sellers of the lower priced homes in San Jose. Surely an opportunity to move in, maybe to move up and certainly to invest can be found in San Jose foreclosure homes.
