      
 57,000 Foreclosures Remain in California – Lenders Scheduling More Home AuctionsPublished: Thursday, December 03, 2009 The Southern California foreclosures market may be shifting, with fewer homes entering foreclosure than in previous quarters. However there are still 57,000 existing foreclosures statewide that need to be sold, and lenders are looking at foreclosed home auctions as a major tool to sell large numbers of foreclosures in a short amount of time. There have been some ups and downs in the number of foreclosed homes both entering the legal process and subsequently hitting the market in recent months. A year ago there were over 100,000 foreclosures yet to be resold, and an average of 18,000 foreclosures resales closing each month, through both traditional listings and foreclosures auctions. However lenders have shifted away from the traditional listings throughout 2009 as fielding multiple offers and REO office bidding wars became difficult to manage. As a result, more lenders are turning to real estate auctions to quickly dispose of large numbers of REO properties. Southern California Auctions to be Held in Mid-DecemberBuyers hoping to snag some of the great foreclosed homes still available in Southern California should check out the major real estate auction scheduled for December 12th and 13th in Ontario and Los Angeles. Inland Empire buyers can view over 160 properties available for auction on December 12th at the Ontario Convention Center, and buyers shopping in Los Angeles, Kern, Orange and San Diego Counties have until December 13th to view over 100 homes being auctioned at the Westin Bonaventure Hotel in downtown LA. There is still time to personally visit the home auction listings and complete catalog information on the homes available, as well as an inspection schedule, can be found by visiting the Real Estate Disposition Company website. If you are not paying cash for the entire purchase, be sure to bring two year's worth of W-2s, bank statements, a cashier's check for $5,000 payable to yourself, and your checkbook for the balance of the 5% earnest money deposit. Real Estate Auctions Create Homeownership OpportunitiesThere has been a lot of discussion in the past several months on the benefits of buying at a foreclosed home auction versus taking your chances on the open market. Any drive through the top quality neighborhoods will tell you that the number of foreclosures on the traditional market has seriously declined. Yet according to bank records, over 57,000 homes remain on the books as REO properties. Lenders will need to get those homes sold soon or risk another shaky year of profitability. To accomplish this, the market can expect another serious wave of home auction activity in the first part of 2010. Other Recent ArticlesHome Buyer Tax Credit Extended Until April, 2010Category: Recent Articles Published: Thursday, December 10, 2009 The federal tax credit has been extended to April, 2010, including an expanded benefit to existing home owners who sell their homes and then repurchase a new primary residence valued at $800,000 or less. This could be the perfect opportunity for buyers who wanted to cash in on home auction bargains but were fearful of lower resales on their existing homes. Southern California Foreclosures Still the Bulk of Home SalesCategory: Recent Articles Published: Friday, November 27, 2009 Southern California foreclosures still account for the bulk of area homes sales and lenders are finding real estate auctions the fastest and most efficient method of clearing their books of REO properties. Buying a home at auction requires a little prep work, however and the experts at homeauctionexpo.com share their insight on how to find the best auction properties. Lenders Using Foreclosed Home Auctions As Top Selling ToolCategory: Auction Notes Published: Monday, October 12, 2009 Foreclosed home auctions are becoming the hottest place to buy Southern California foreclosures, as banks are stepping back from multiple offers and finding the ease of real estate auctions more to their liking. Homeauctionexpo.com points out the benefits of shopping the foreclosures auctions. |
