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Huntington Beach Foreclosure Update - Pre-foreclosure - Auction - REO

By Adam Brett

Real Estate Agent with The Adam and Eric Group 01499486

May 05, 2008 11:00 AM

Buyers in Huntington Beach, this is your opportunity to take advantage of the high rate of foreclosures in Orange County! Auction, Pre Foreclosure, REO

In the coming months, foreclosures are going to dominate every market in Orange County, and affect housing values in every neighborhood. Throughout the county, there are currently 5954 bank-owned properties, with another 3801 up for auction and 8723 in a state of pre-foreclosure. In Huntington Beach alone, there are 321 pre-foreclosures, 133 auctions, and 186 REOs, meaning the number of foreclosed properties is only going to increase over the course of this year.

What does this mean for you? The high number of foreclosures means a large inventory of properties that banks are eager to sell. In Huntington Beach, the amount of time it will take to sell this abundance of inventory is 9.2 months. Because of this, banks will accept lower prices than usual in order to clear these properties off their books at a faster rate. In fact, bank repos will always be cheaper than the house next door that is an equity seller. This situation represents a unique opportunity for buyers!

Not since the 1990s has the real estate market been so dominated by foreclosures. Then, the people who bought foreclosed properties at reduced prices were incredibly successful once the inevitable market turnaround arrived. You could be one of those people now!

Contact me, an REO specialist, to help you take advantage of the buying opportunities in Huntington Beach and the rest of Orange County.

Adam Brett
RE/MAX NOC
Fullerton, CA
714-496-8116
www.AdamsMLS.com

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Cape Coral Florida Golf Course and Waterfront Homes

Gulf Coast Realty Network, Inc. - Cape Coral, FL

Glad to see that you have a historical perspective on the current situation. Indeed, the ninties were a close parallel to today's issues, although the trigger mechanism for the crisis was entirely different. The important thing to keep in mind at all times is that this will pass and the timid will have missed an opportunity.
JimG

May 05, 2008 11:09 AM

Vickie Nagy

Coldwell Banker Residential Real Estate - Palm Springs, CA

Vickie Jean the Palm Springs Condo Queen

Nice use of long tail keywords. Hope it brings you some business. check this one, though...don't you mean foreclosed in your tag or foreclosures. I wouldn't think you'd get a lot of hits on forecloses.

May 05, 2008 06:42 PM

Anonymous

Lillian Walker

The truth is inventory is down, way down overall. Not just foreclosures, all inventory is down and sales are up. Which is part of the reason we see multiple offers on every offer we make for our buyers. Both my agents, and the agents from broker preview and other broker owners I talk to through out the state of California, we are experiencing a low inventory and more aggressive buyers. I had one offer I place on a home for a buyer in Costa Mesa which got 68 offers! Another offer we placed had 27 in Huntington Beach.

Just to give you an idea, as of today we currently have in the Huntington Beach 17 foreclosure Homes (aka REO's or Bank Owned) on the market of which 5 are pending sale. All are Single Family Residences (no condo's I have excluded them on purpose).

The average Days on Market for the active sales is 34 and for the pending sales 48 days. Price range low is 499,900 and High $999,999.

Meanwhile data quick news reports (go to www.dqnews.com click on OC charts) all our zipcodes (92646,92647,92648,92649)with a decrease in the median price of between 2.5 and 20.1% drop. But our sales are up 29%,18%,3% 32% respectively. This is why we have the multiple offer issue when buyers go to place an offer on a home.

Now compare that to the 289 Single family residences we have on the market as of today: Average price $1.067,000 with an average of 111 days on the market, mind you the maximum is 785 days!

The closed sales on the other hand tell us the market average for the past 60 days (going back to 5/21/09) is a median price of 858k selling at 96% of the list price with an average days on market of 79 days.

What this all means is that the market has low inventory, the houses that are priced in the heavens sit, the market speaks loud and clear with it's deafening silence or rotund bout of offers. The ones that are priced in the "SWEET SPOT" in or just under market for the condition they are in, get a lot of attention and multiple offers.

So is there opportunity in Orange County? The bottom line is Yes there is! Seize the moment~

Jul 22, 2009 12:53 PM

Huntington Beach Foreclosure Update - Pre-foreclosure - Auction - REO

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