DataQuick said 43 percent of all homes sold in Santa Clara County was in foreclosure upon sometime in the previous 12 months. The number for Alameda county is 46.2 percent. Evidently, most of the current sale is being driven by foreclosed properties; that also explains the falling median prices in these counties. But before jumping on the bandwagon be cautioned that not all foreclosed houses are good deal. Most foreclosures sell at a discount, but the benefit of a lower sales price is often negated by the cost of repairs required to restore the home to a livable condition. Foreclosed properties often have not been maintained due to the distressed financial situation of the seller.

Use the table below to learn about the 3 types of properties available in today’s market:

	Regular Sale	Short Sale	Foreclosed Property
Owner	Seller	Seller	Bank
Seller	Seller	Seller & Bank(s)	Bank
Condition	Mostly Good Average	Mostly Poor	Mostly Poor
Time to close	30-60 days	1-6 months	45-90 days
Ability to close	Easy	Very tough	Easy Moderately tough
Good deal?	Maybe	Maybe	Usually Yes