Foreclosure Homes

San Diego foreclosure homes, REO,s and short sales continue to be available in San Diego North County.  However, overall, the amout of San Diego homes for sale of any kind is down this year as compared to recent years at the same time.  If you are interested in finding  San Diego foreclosure homes or other distressed properties, contact Gary Harmon, your top North County Realtor.   See up to the minute San Diego North County homes market statistics here.

The San Diego North County housing market may still be struggling to gain solid footing—low interest rates and significantly-discounted prices make it a great time to purchase North County homes.  San Diego housing prices are still below their peak in 2006, and another wave of foreclosed properties is expected to hit the North County housing market this year as banks unload their backlog—offering homes at low prices.  Currently there is a shortage of North County homes to sell, partially because lenders are still holding inventory.

Vice president of Realty Trac, Daren Blomquist, says “Home prices will continue to be very fragile.” “We don’t expect prices to fall another 20% to 30%, but there won’t be a recovery until the distressed inventory has cleared.”  RealtyTrac estimates that home prices will start to increase once banks clear their 17-month inventory of foreclosed properties. The national average of prices for foreclosed (real estate owned or bank-owned) properties at $152,465 continues to be lower than the sales price for all properties (including foreclosure and non-foreclosure) at $203,779, according to RealtyTrac.

While some housing markets Nationally, started to recover, home prices started to fall again in all markets last quarter, according to Standard & Poor’s Indices. “On a nominal basis, housing prices are the same as those in 2002 and 2003, having declined from their peak in 2006 due to the high number of foreclosures.”

According to the National Association of Realtors, all cash sales accounted for 33% of real estate sales in February. “In February, 20% of closed sales were of foreclosures– they’ve been at comparable levels for some time,” says Walter Molony, senior public affairs specialist at the National Association of Realtors. “There’s competition in most market areas between cash investors and first-time buyers, with reports of multiple bidding on discounted foreclosures becoming more common.”

Nevada, California, and Arizona experienced the highest number of foreclosure filings at the end of February, according to RealtyTrac. They had between two and three times more than the nation, as one in every 637 homes in the nation, or 0.16% of homes, received a foreclosure filing, a notice that the foreclosure process will begin. The number of foreclosure filings in a state can translate to that state having the highest percentage of foreclosure sales, as Nevada had 56%, California had 43%, and Georgia had 39% of all sales being foreclosed homes during the fourth quarter of 2011, according to RealtyTrac.

Ever wonder which lenders made the most bad loans, see San Diego Short Sale Lenders.

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  1. […] in many counties.  If you are looking for a distressed home to buy, you might want to consider a San Diego foreclosure homes, short sales, REO’s or bank owned […]