Sue McCallister writes:
Once the long Labor Day weekend is over, Silicon Valley residents who want to buy homes will start hitting the open-house circuit in earnest, real estate agents say, eager to make purchases before the holiday season begins.
It's clear that with prices declining in many parts of Santa Clara County, sales generally accelerated this summer, especially among less expensive homes.
Interest in market
Many real estate agents also point to the relatively high number of "pending" sales in Santa Clara County as evidence of a market that's rebounding after a slow first half of the year. "Pending" means sellers and buyers have signed a purchase contract; there are different categories of "pending," based on how close the sale is to being complete. So far this year, June posted the year's best sales volume for single-family houses, with 966 changing hands in the county, according to multiple listing service data.
Short sales occur when homeowners sell their property for less than they owe their mortgage lenders; lenders must approve the transaction, and the process can take months.
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