Special offer

Riverside CA Foreclosures

By
Real Estate Agent with Pedersen Real Estate 01435175

Riverside CA Foreclosures

Are you interested in finding out more about Riverside Ca foreclosures?  This is an important topic in Riverside California.  Realty Trac recently reported that foreclosures in the US are 15% higher than they were a year ago.  They also say that there is likely to be an increase in foreclosure activity in the next several months. If this happens it will be driven by more unemployment and economic hardship.  For 2009 the three states with the most foreclosures were: California  - 632,573, Florida - 516,711 and Arizona - 163,210 (according to Realty Trac) – but keep in mind that, particularly with California and Florida, these are high population states.  The cities/areas in the US with the highest foreclosure filings in 2009 were:

  1. Las Vegas, NV
  2. Cape Coral- Fort Myers, FL
  3. Merced, CA
  4. Riverside-San Bernadino-Ontario, CA

I really hate to see that the Riverside CA foreclosures are so high. The other part of the story of this high number of foreclosures is the huge amount of people with financial hardships. These aren't just statistics and numbers: there are people and families behind the statistics going through some really tough times.  The Inland Empire and Riverside have been rebounding a bit from the high foreclosure activity – but another wave of foreclosures in the coming months will be extremely hard on our struggling housing market.  Some experts believe that a new round of foreclosures could trigger a double-dip in housing prices.  I hope we don’t see that happen in Riverside or the Inland Empire.Riverside CA foreclosures  Read my blog about foreclosures and short sales in Riverside CA.

As of February 16, 2010, there are 990 active listings on the multiple listing service for single family homes for sale in Riverside CA.  Of those, 139 are shown as foreclosures and 462 are listed as short sales/pre-foclosure.  57 of these listings don’t show what type of sale they are.  Buying a Riverside CA foreclosure takes less time and patience than a short sale, but as you can see from these numbers, short sales are a big part of the market and I think we'll be seeing them for a quite a while yet.  And  for you buyers out there, the number of short sales actually closing successfully has increased.  Read my post if you are considering doing a short sale.

If you are facing a possible foreclosure, there are alternatives:  talk to your lender about a loan modification.  If they deny a loan modification, than a short sale is an alternative that is better than foreclosure for many people.  Call me if you are thinking of doing a short sale or if you are looking to buy a Riverside CA foreclosure or short sale. Read my post about the Riverside CA real estate market.

If you would like to learn more about selling or buying real estate in Riverside or Corona, California,  call me 951-840-5212 or send an email to  vicki@pedersen-team.com  or  go to my website,  http://Pedersen-Team.com  

 Search for homes                      What's my home worth?

Written and posted by: Vicki Pedersen, ABR, Pedersen Real Estate, Riverside/Corona, California, DRE# 01435715

Copyright © 2010 by Vicki Pedersen, All Rights Reserved.*Riverside CA Foreclosures*

 

Posted by

Vicki Pedersen 
Pedersen Real Estate
951-840-5212
vicki.pedersen@gmail.com
DRE#01435175

www.Riverside4Homes.com

Comments (4)

Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Riverside has been very hard hit by this current mortgage meltdown. But, this is certainly a great opportunity to buy homes at a great value with qualified agents like yourself!

Feb 16, 2010 11:26 AM
Dan Edwards 425-276-7008
Keller Williams Realty - Bellevue - Bellevue, WA

Vicki, Does it seem like the foreclosure rate is slowing down a bit? 

Feb 16, 2010 02:13 PM
Vicki Pedersen
Pedersen Real Estate - Riverside, CA
Providing Exceptional Real Estate Service

Melissa,  It is a good time to buy homes at lower prices that we have seen for many years.  But we have more buyers than houses for sale - its hard to get offers accepted.

Alix,  That sounds about right - most areas of Riverside have declined in value about 50% since the peak market of 2006. 

Dan,  The number of closed foreclosures is decreasing quite a bit - 231 closed in August, 172 in November - definite declines from January. 

Feb 17, 2010 07:01 AM