With the slow real estate market this week, I found time to attend the auction on the San Rafael City Hall steps. Approximately eight Marin homes were on the schedule to be sold, and all eight sales were postponed. In talking with the auctioneer and another real estate agent who lives and breathes foreclosures afterward, I came away thinking 2010 is going to be another very chaotic year.
We’ve all heard about the backlog of bank-owned homes that have not been auctioned or marketed yet. I have no doubt that many of them will be released in 2010. What that will do to prices remains to be seen. Marin County, being such a desirable place, has enjoyed relatively high home values even during the recession. So will we see a bigger reduction in asking prices in 2010 even in desirable places like Marin? I think we’ll see the writing on the wall by February.
Next week, I’ll provide a sneak peek of some bank-owned homes that may be coming on the market soon.