According to Sandicor, there were 2,562 San Diego home sales in August 2008. Approximately 32 percent of these sales were San Diego bank owned properties due to San Diego foreclosures. To view the current list of San Diego Foreclosure properties, visit HouseRebate.com.
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The Federal Government takeover of Fannie Mae and Freddie Mac has helped stabilized the financial markets, especially in the home lending sector. The San Diego Real Estate Market will benefit from this increased liquidity in the mortgage sector. The Fed's actions have already affected interest rates. The rates on conforming fixed rate loans have already decreased by approximately 3/8 of a percent.
In some markets such as Oceanside, Calif., the listings are receiving multiple offers and sales prices are sold over the listing price. Lower interest rates help increase the pool of eligible San Diego homebuyers, which should bolster up demand for housing. This increased housing demand will help mitigate further steep declines in housing prices. The lower interest rates will not help those already in foreclosure, but may help homebuyers that may be able to refinance now with the lower interest rates.
The San Diego foreclosure inventory continues to be abundant, giving potential San Diego homebuyers tremendous opportunity. The end of Aug. 2008 showed 6,841 San Diego bank owned REO properties. Over 2,000 of these San Diego foreclosure properties are for sale on the San Diego Multiple Listing Service. The remaining 4,800 plus bank owned properties would be available for sale as the banks process these properties for the San Diego real estate market.
With 4,728 San Diego foreclosure properties scheduled for foreclosure auction in the next 90 days, a portion of these properties may be foreclosed on by the banks. There are almost 11,000 San Diego homes and properties in the pre-foreclosure phase. These owners of the San Diego real estate properties have received a Notice of Default and have been notified that a San Diego foreclosure auction is pending.
Brian Yui, CEO of HouseRebate.com, expects the climate to be good for investors and homebuyers in the next 12 months. ???In some markets such as Oceanside, California, the listings are receiving multiple offers and sales prices are sold over the listing price,??? states Brian Yui. ???This may indicate we have reached bottom in certain market segments.???
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