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Did you know that 31 percent of California’s 1st Quarter Sales were Foreclosure Properties?

Posted on Jul 22, 2010 by in Active Rain | 0 comments

Did you know that 31 percent of California’s 1st Quarter Sales were Foreclosure Properties?

Did you know that 31 percent of California’s 1st Quarter Sales were Foreclosure Properties? As some of you know I wrote a post earlier, that in 2009 foreclosure sales accounted for 51 percent of all the sales. California Association of Realtors® just published this report about the First Quarter sales.

They get their information from RealtyTrac®, in this report they also disclosed that the average sales price of properties that closed from foreclosure process was 27 percent less than non distressed property sales.

This is very telling from two perspectives. One it indicates that if this trend continues there will be about 20 percent less Foreclosures Sold in 2010 compared to 2009. The other interesting aspect will be the effect these sales will have on the various neighborhoods.  Keep in mind when an appraiser provides an appraisal on an upcoming sale, these distressed sales will bring down the value of the neighborhood.

So with that said I do not anticipate major price increases outside of the normal inflation index, in the near future.

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

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