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Mission Viejo + Lake Forest, June and July Report! GOOD!

By
Real Estate Agent with Casta del Sol Real Estate / HomeSmart Everygreen Realty 01439520

 I have noticed that the lower priced detached homes are not going down in price in Mission Viejo or Lake Forest, CA as a matter of fact prices are up since Jan.2009 In the last 2 months there have not been many REOs available which would of made the bottom line lower. We have within the 2 cities 422 houses total available today and only 12 of those are REOs, that means that less than 2% are Lender owned properties. The news media doesn't look at each city and see that we are getting better.

Now looking at sold properties for June. and July., total sales were 405 and of that amount, lender owned was 71. This equals 18% that were sold were REOs. That is a small percentage. I read conflicting reports on lender owned properties saying that the lenders are holding up foreclosures and settling with the owners. Some reports state there is no rush of REOs coming on the market in the near future, while other reports say we will have a big wave in the next two months. No one knows for sure. I see more none distressed houses coming on the market and that if good news!

I know when an REO comes on the market that within the first few days it will have multiple offers on it. There are more buyers for this type of sale than there are properties. Buyers prefer REOs because the lender wants a quick escrow and buyers know short sales could take months till you close. Short sales only close 1 out of 5 transactions so buyers stay clear of them, if at all possible.

 

 

Posted by

Valorie Stover , Specializing in YOU!

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