Coming soon to the Sonoma Real Estate Market: A Big Wave of REOs. This was the news in our weekly Monday office meeting. We got word that the Bank of America is planning to introduce about 300 Sonoma County REOs within the next 90 days. We also heard that 30 of the REOs will be Sonoma Valley real estate listings and among them....will be a couple of $2 Million dollar properties.
We currently have 181 residential listings in our market and 14 of those are REOs. You don’t have to be a mathmatician to figure out that the anticipated new REOs would triple our inventory of bank-owned listings. That’s a significant increase by anyone’s standards.
But wait...there’s more! And probably lots more. The B-of-A’s Sonoma County REOs are likely just a fraction of what’s in the pipeline. Other banks including Wells Fargo, Chase, Citibank, Countrywide, and local lenders have not revealed how many Sonoma County REOs they will be putting on the market in the coming months. I wonder if a 2010 flood of Sonoma County foreclosures has begun?