Census Data Shows Vacant East Bay Homes Have Doubled
SAN LEANDRO (KCBS) -- Just-released census figures show the number of unoccupied residences jumped from 10,000 to nearly 25,000 in Contra Costa County in the past 10 years. One veteran San Leandro realtor believes the tough housing market may continue.
With the vacancy rate now at six percent, Wayne Gregori of Gregori Group Real Estate and 25-year industry insider, expects another year of a difficult market.
"There's a lot of inventory that the banks are holding on to," said Gregori who stressed the importance of getting banks to forgive the debt of the difference in the purchase and selling price.
Gregori said bigger banks are tougher to deal with in comparison to smaller banks because the smaller ones are less likely to have sold some of those loans.
KCBS' Margie Shafer Reports:
The Census figures also show a sharp rise in vacancy rates in Alameda and Solano counties over the same time period.
"We were hoping that the risk of higher interest rates would be greater than not catching the bottom of the market," commented Gregori on the housing market's future.
He noted that while short selling is difficult, it is possible to have a positive transaction.
"We're working with a number of sellers now and we are really gearing our business to really help people look at the opportunities for sale," said Gregori.
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