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I just compiled a new list of REO properties. If you are interested, drop by, call or email me. I have added HUD properties, which are kind of like foreclosures, but of government loans. There are only about 16 listed in the Bakersfield MLS right now--some in Bakersfield and some in Tehachapi, Mojave, Delano, etc. That number could be growing, especially if the Bail Out or any subsequent attempts to revive our economy involve buying mortgages.

Anyway, the HUD homes might become a bigger story in the future, but for now only a few brokers have signed up as HUD brokers. This is a requirement to make offers on HUD homes. Only the HUD brokers have access to the HUD keys, so if you want to see one of these properties, you will need to use a HUD broker.

For further information on HUD homes, go to their website:

www.HudPemco.com

How many REO (bank-owned, forclosure) properties are on the market in Bakersfield right now, on October 10, 2008?
1,213, with an additional 194 from nearby towns that list in the Bakersfield MLS.

Broken down by zip codes, there are
      10 in 93301,
     142 in 93304,
      81 in 93305,
     181 in 93306,
     229 in 93307,
     107 in 93308,
     156 in 93309,
      65 in 93311,
      93 in 93312,
     111 in 93313, and
      34 in 93314.

Of the 3,324 houses listed in Bakersfield right now, 

1,213 REO's = 36%
 957 Short Sales = 29%
1,154 Traditional Sales = 35%