We have all heard the old adage that real estate is about location, location, location. So, not surprisingly, the city you’re located in weighs heavily when it comes to selling your home fast.

According to Realtor.com, 11 cities can tout the fastest selling time on the market. Despite all of its financial troubles, California can tout the fastest selling time. The state has the highest number of cities “where homes tended to spend the shortest amount of time on the market last month,” reported Realtor.com. This was based on the March housing data from the same source.

The cities in California with the least amount of time on the market before sale are: Oakland (50 median days / median list price $319) and San Francisco (63 median days / median list price $639,000).

In Colorado, Denver comes in next (66 median days on the market / median list price $259,900).

Jumping over to Iowa City, Iowa (66 median days / median list price $187,500). Heading back to the coast, Los Angles-Long Beach, California bumps the time on market up just a bit (70 median days / median list price $345,000). Still in California, Stockton-Lodi area comes in with the same amount of days on market as LA-Long Beach but with a lower list price (70 median days / median list price $175,000). Bakersfield, CA drops the price even lower (70 median days / median list price $141,500). But San Jose, California shoots the list price up significantly and barely increases the time on market (71 median days / $470,000 median list price).

Anchorage, Alaska (median list price $279,975); Fresno, California (median list price $170,000); and Tulsa, Oklahoma (median list price $147,900) all have 71 median days on the market.

There were 146 markets reviewed for the housing data report. According to Realtor.com, “Nationally, the median for homes for days on the market was 160 in March, which is an increase of 40 percent in a year.”

But for those who are selling their homes outside of these markets, the experience can be quite different. Some homeowners are feeling the pinch as their homes sit on the market for long periods of time.

This is in part due to the ongoing battle: lenders holding homes in foreclosure affects home sales in those areas. The New York Times is reporting that the nation’s biggest banks and mortgage lenders are sitting on loads of properties.

RealtyTrac, a provider of real estate data, reported that the number (872,000) of foreclosures owned by the banks/lenders is nearly twice the amount as when the financial crisis started a few years ago. And this is only the beginning; several million more foreclosures are expected over the next few years.

Economists expect that it will take about three years for lenders to sell the properties already in their possession. It’s this groundswell of foreclosures that is creating a vicious cycle–the more foreclosures, the more the prices are depressed, which leads to more distressed sales.

Before you think this is just bad news, there is some hope coming from lenders. Some lenders are working with distressed sellers more now than ever. They are realizing that sidestepping the foreclosure process is better for all, even if the homes are sold for a loss. In some areas, according to the New York Times, that has sped up the pace of sales and “even caused prices to slowly rise in the last two months ... .”

Yet another silver lining, at least for lenders, “is that the number of new foreclosures and recent borrowers falling behind on their payments by three months or longer is shrinking,” according to the New York Times.

The hope is that those homeowners can continue to manage through these difficult times.

Published: May 27, 2011

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Phoebe Chongchua is an award-winning journalist, an author, customer service trainer/speaker, and founder of Setting the Service Standard, a customer service training and consulting program offered by Live Fit Enterprises (LFE) based in San Diego, California. She is the publisher of Live Fit Magazine, an online publication that features information on real estate/finance, physical fitness, travel, and philanthropy. Her company, LFE, specializes in media services including marketing, PR, writing, commercials, corporate videos, customer service training, and keynotes & seminars. Visit her magazine website: www.LiveFitMagazine.com. Phoebe's articles, feature stories, and columns appear in various publications including The Coast News, Del Mar Village Voice, Rancho Santa Fe Review, and Today's Local News in San Diego, as well as numerous Internet sites. She holds a California real estate license. Phoebe worked for KGTV/10News in San Diego as a Newscaster, Reporter and Community Affairs Specialist for more than a decade. Phoebe's writing is also featured in Donald Trump's book: The Best Real Estate Advice I Ever Received and The Complete Idiot’s Guide to Buying Foreclosures. She is the author of If the Trash Stinks, TAKE IT OUT! 14 Worriless Principles for Your Success. Contact Phoebe at (858) 259-3646 or . Visit PhoebeChongchua.com for more information.