Foreclosure Numbers for 2008 offer insight into buying opportunities for investors and homebuyers.
San Diego's foreclosure inventory is abundant creating great buying opportunities for investors and homebuyers alike. The September foreclosure numbers totaled 7,016 bank owned properties and more than 2,000 of those foreclosure properties are actively for sale on the San Diego Multiple Listing Service (MLS). The remaining 5,016 plus bank owned properties are being processed and will be ready to sell soon or are already in escrow.
In the next 90 days 4,589 San Diego foreclosure properties are scheduled for auction; a portion of these properties may be foreclosed on by the banks. There are over 10,000 San Diego homes and properties in the pre-foreclosure phase. These owners of these San Diego real estate properties have received a Notice of Default alerting them that a foreclosure auction is pending. Many of these homeowners may be eligible for loan modifications once funds from the $700 Billion Federal Bailout Program start making their way to lenders and ultimately homeowners.
Abundant Properties And Newly Available Funding Create Great Investing Opportunities
According to Sandicor, 2,753 San Diego home were sold in September 2008. Approximately 36 percent of these sales were San Diego bank owned REO properties due to San Diego foreclosures. The volume of foreclosures is expected to stabilize after the recent Bank of America/Countrywide settlement and the Emergency Economic Stabilization Act, which offer loan modifications to existing delinquent homeowners. The availability of loan modifications or loan workout options for homeowners should slow the rate of foreclosures and help stabilize home prices. Savvy investors are jumping into the market knowing that entry-level homes can achieve breakeven cash flow with only 25 percent down payments.
For buyers who wish to take advantage of bargain basement prices on San Diego homes, a current list of San Diego Foreclosure properties is updated daily at www.HouseRebate.com
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