Lack of Foreclosures in the newer Communities Like Sundance or Fairway in Beaumont, CA?

Lack of Foreclosures in the Sundance Community in Beaumont, CA?

Are you a home buyer combing the streets of Beaumont, California looking for foreclosures? Your not finding very many are you? That's because the big boy banks, the ones with the most foreclosed homes have wised up and implemented a self-imposed moratorium a few months ago, after the government imposed moratorium.

Why you ask? To stop the decrease in home prices- to put a floor on the housing slump- to stop the bleeding and cotorise the wound. Face it, the reason why home prices were falling was because people either wouldn't, or couldn't spend what sellers were selling their homes for. Supply created by a lack of demand, and even more supply created by the endless supply of foreclosures.

In our adventures of home selling in Beaumont, one thing we've seen in the last year was everyone, and their mother, was attempting to call the bottom. Whether they speculated it had already, was currently, or would bottom much later, we knew no one would really know until the bottom had already passed. And considering California, and specifically the Inland Empire area, led the rise and the fall in housing, we also knew it would lead the charge in the housing bottom.

Now let's get this straight, people are still losing their houses to foreclosure in the newer Beaumont, CA communities like Sundance, Tournament Hills and Fairway Canyon, but the process has changed, and changed BIG TIME.

First, the banks are much more cooperative in attempts to short sale the property. This keeps someone who cares in the house maintaining it, and it saves them money on the foreclosure process. Plus, it buys the bank time to sell their foreclosure inventory in the area BEFORE they put more on the market. Yes, this process is putting life vests on home prices, especially in Beaumont.

The newer, nice communities of Sundance, Tournament Hills, Fairway Canyon, Three Rings Ranch, etc. are they coveted foreclosures. People ARE buying them and multiple bids are commonplace with these foreclosures.