Atascadero and Paso Robles Foreclosures To Rise

Atascadero and Paso Robles foreclosures are going to rise in the next few months.  The banks have increased their notice of default and auction filings in San Luis Obispo County.  But the good news is that the number should start to decrease as the ARM resets decline.  See below chart from Credit Suisse- 

With these resets greatly reduced starting later this year we should see a decrease in foreclosures and short sales.  Combine this with the fact that there is very little being built and you can see that in the next few years we are going to see far less inventory.  Eventually we possibly can see even a housing shortage.  We must remember that there is a bent up demand from first time, move up, and move down buyers.  Once the present owners can sell they will start to get those bigger houses, and in the case of the baby boomers down size. 

At my web site www.myslohomefinder.com  I have seen many more hits by first time buyers and I have been getting calls from retirees that want to sell their homes and move.  Some are planning to move to smaller homes in the area.  Others want to move to less expensive areas of the country.  Still others want to move overseas to exotic locations like Ecuador, Philippines, France, Nicaragua and Argentina. 

With interest rates being so low, and prices still decreasing more and more buyers are stepping up to purchase properties.  I had one investor client put a full price offer in only to find out there were 7 other offers.  One was at a higher amount.  So just study the below chart, and you will see that the end for the big bulk of foreclosures is coming.  Get your pre-approvals ready and get that down payment together, because a buying opportunity of a life time is coming.