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More Foreclosed Homes for Sale in San Jose, CA for Investors

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By : John Cutts    99 or more times read
The number of foreclosed homes for sale in San Jose, CA in March increased, providing more buying opportunities for residential investors.

In Santa Clara County, where San Jose reigns as the administrative city, the number of foreclosed properties repossessed by lenders in March increased to 434 units, a sharp jump of 71.5 percent from the 253 units taken back by lenders in March last year.

The number of default notices filed in March was 1,082, up by 10.9 percent from the 976 notices filed in February. The number of loan defaults in March last year was higher, however, at 1,714.

Despite the surge in foreclosure activity, local realtors are encouraged by the increased percentage of foreclosure houses for sale snapped up by buyers at public auctions. The falling percentage of units bought back by lenders in the county showed the rising number of investors who believe in the profitability of Santa Clara foreclosures, particularly foreclosed homes for sale in San Jose, CA.

In March, 27 percent of properties sold off at public foreclosure auctions in Santa Clara County went to buyers and the rest of the units were taken back by banks. Local realtors said that there are still a lot of people with cash to buy properties at auctions. A total of 116 homes in Santa Clara County were sold to third parties in March.

Similarly, the number of foreclosure homes in California that got sold to third parties in March other than banks exceeded 4,000 units, a whopping increase of 265.6 percent from the 1,094 properties sold off to third parties in March last year.

A total of 19,308 foreclosure filings were posted in March this year, based on data from a real estate firm. The number marked a sharp jump of 92 percent from the 10,040 foreclosure actions posted in March last year.

Housing analysts in California contended that among the reasons for the sharp increase in foreclosure postings and in completed foreclosures in March was the pursuit by banks of foreclosure actions that they deferred last year in compliance with loan modification efforts.

According to some members of the San Jose Real Estate Investors Association, there are plenty of factors favoring investors in foreclosed homes for sale in San Jose, CA, in addition to lower mortgage rates and discounted prices. One sign of the return of investors to the area is the surge in home flipping in the county by almost two percent in March.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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