Investment deals for serious San Diego cash buyers - Get the best list of single family homes for sale under 300K which includes REO, short sales, equity, bank owned and foreclosed properties.
News stories about increasing foreclosures instill fears of a new wave of REOs flooding the market and shaking the fragile recovery.
In California, delinquencies are down 20 percent from June of last year. In fact REOs are far from where they used be. Based on data from ForeclosureRadar, units entering REO status declined by 85 percent from the peak in 2008 and 61 percent from last year. With a current REO inventory at 70,000, it would take 7 months to clear that inventory at current rate.
There remains to be some backlog in the foreclosure and seriously delinquent inventory, yet serious delinquencies are 30 percent down. However, given the very slow pace at which banks are foreclosing on these properties, they are going to trickle down into the market and most likely end in hands of cash- abundant investors who will purchase them in bulk and rent them out.
The constricted for-saleinventory has already been pushing prices up, as it will continue to do so. And while this is may not be good news for potential buyers, it may be favorable for current owners who are in negative equity and who will see the values of their homes rise.
National all-cash sales were unchanged at 27 percent of transactions in August 2012; they were 29 percent in August 2011. Investors, who account for most cash sales, purchased 18 percent of homes in August, up from 16 percent in July; they were 22 percent in August 2011.
Need an insider team to help with the acquisition of investor properties in San Diego even in a low inventory market? Give us a call at 619-248-5484