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Buy Foreclosure Properties from Among Thousands in Calif

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By : John Cutts    99 or more times read
Buy foreclosure properties in California where there are still thousands of foreclosed units in active listings.

According to a California real estate broker, the state is currently fifth in number of distressed and foreclosed units available for sale. More than 87,000 residential units are currently in lists of properties for scheduled county auctions.

In Riverside County, there are nearly 17,000 foreclosed houses for sale while in neighboring San Bernardino County, there are almost 15,000 foreclosures ready for sale.

San Diego County, meanwhile, has more than 12,000 foreclosed units for sale and Orange County has 10,573 units in foreclosure listings.

Last year, California again topped all other states in total number of foreclosure postings, with nearly 633,000 of its housing units getting hit with delinquency or foreclosure sale notices.

Foreclosure filings declined on a month-over-month basis in California from August to November, but filings resumed their upward direction in December, with an increase of almost nine percent from November.

While foreclosures in the state are concentrated in four battered counties of Southern California, with about 55,000 foreclosed units ready for sale, investors and occupant buyers can also buy foreclosure properties in Northern and Central California counties, where there are currently around 20,000 foreclosed houses for sale.

Total house sales in California slowed down in December compared to the previous month, but showed an increase of almost 2 percent compared to sales in December 2008, based on sales figures from the California Association of Realtors.

The median home sales price in December across the state was $306,820 and the median in Los Angeles County was $338,000, marking a 5.6-percent jump from the median in December 2008.

CAR officials said that the overall sales figures were positive, showing a continued interest in home buying and in taking advantage of the federal tax credit and lower mortgage rates.

However, not all analysts are optimistic. Jack Kyser, economist for the Los Angeles County Economic Development Corporation, said that housing market recovery is still far away. He said that major lenders are still regulating the release of their foreclosures into the market. He also has doubts about the continued demand for homes and whether Congress is called upon again to extend the federal tax credit for the second time.

Nevertheless, investors can still buy foreclosure properties from the thousands of units available for sale at price levels that are profitable. CAR analysts expect the median home price to hover around $300,000 this year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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