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Vista California Foreclosures, Bank Owned REO, Short Sale, and Homes for Sale

By
Real Estate Broker/Owner with Four Seasons Properties

Vista California Foreclosures, Bank Owned REO, Short Sale, and Homes for Sale

June 29, 2009

Real Estate Silver lining or still too early to tell? Lets look at the numbers...

May 2009 Foreclosure, REO, and Short Sale update.

According to Foreclosure Radar (A service which tracks every single foreclosure daily in the state of California) in the month of April Foreclosure notices in the state of California saw a decline while foreclosure sales rose in the state of California.

Sales at the actual foreclosure auction rose by 32 percent overall.  According to estimates foreclosure sales sold to third party investors at an average of a 28% discount from estimated market value.

Notices of default dropped by an estimated 4.2% from the record level set the prior month.  Notices of Trustee sale (Foreclosure Auction) increased by 42% from the prior month.

Although it's too early to tell if this will be a trend its important information to consider and keep an eye on.

Some important bullet points to consider:

··         Notice of defaults still remain at close to record highs.  To search Pre-Foreclosure Properties click here.

 

··         Nearly 90 percent of the foreclosed loans for the month of May were originated between January of 2005 and December of 2007.

 

··         Lenders took back almost 12,000 foreclosures in which no third party bid was received.  These properties become REO inventory (Real Estate Owned), and then are usually listed with Real Estate agents or sold at third party auctions.  To search current REO inventory click here.

 

··         The percentage of total properties sold at foreclosure auction still remains pretty low compared to the overall amount of homes for sale going through the auction at only 12% with 88% going back to the lender.

 

··         San Diego county for the month of May saw Notice of Defaults at 3282, Notice of Truste Sales         (Auctions) at 3294, and Sales at auction of 1322.

 

··         The median home prices in Vista for that same period have fallen by 21.2% to a median price for Vista of $276,000 making Vista as affordable as it's been in years.

 

So what does this all mean?  There are still many foreclosures coming down the pipe and foreclosure activity is still at record levels.  However, sales volumes are now starting to turn around.  San Diego County sales volumes were up 67% last month from May of 2008.  Many first time and value buyers are now stepping back into the market.  The many incentives such as the $8,000 tax credit, low interest rates and decade low prices (for many areas) are making this a great time to purchase for many people.  The median home price in San Diego appears to have stabilized somewhat recently going from 280,000 in March, to 285,000 in April to now 290,000 in May.  It will be important to see how this number holds up with the continued high level of Foreclosures.

 

Click the yellow map below to view Pre-Foreclosures, Foreclosures, Auctions, REO, Short Sale, and the entire San Diego County MLS.


At Four Seasons Realty, we track most ever Foreclosure in San Diego and attend the auctions on a weekly basis and we come across many off market opportunities.  To learn more about foreclosures in San Diego, please visit our fully integrated Real Estate Website at www.fourseasrealty.com ,   where you can search all active foreclosure, short Sale, and REO listings along with the entire San Diego county MLS.

You can also sign up for our free Property watch service which will automatically keep you updated of any new listings that fit your guidelines or any price changes!

We Look Forward to Hearing From you!

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