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Grab Cheap Foreclosure Listings in San Diego While Available

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By : John Cutts    99 or more times read
Price improvements in the first months of the year are strong indications that the availability of cheap foreclosure listings in San Diego are numbered, so investors and prospective buyers need to grab the opportunity to buy now.

In May, the median price rose again to $340,000, marking more than 15 percent of increase compared to the median one year earlier and a jump of 4.5 percent compared to the prior month. The May price increase marked the eighth consecutive month the median climbed up year-over-year.

In a report released recently by the National Association of Realtors, San Diego County posted the second-highest median house price in May. The sales price median for pre-owned homes rose by three percent to $391,400 from $331,200 one year earlier. Prices for all types of units spiked by over 18 percent.

With May house sales also spiking by 14 percent over the year, it is only a matter of time before cheap foreclosure listings in San Diego get exhausted. Investors and buyers should therefore take advantage of the available inventory now and make their purchases.

In addition, for the first time in more than two years, the total sales of San Diego bank owned properties in May accounted for less than 30 percent of total house sales. Bank owned homes listing sales had always made up more than 30 percent of overall sales.

Local analysts said that the rise in house sales may have been helped greatly by the new home buying tax credit scheme which was relaunched in California on May 1. Those who missed the first state tax credit last year could have grabbed the opportunity to buy bank owned properties in California at lower prices and at lower mortgage rates.

Moreover, smarter first time homebuyers could have upped their buying advantages by capitalizing both on the California and federal tax credits and by choosing properties from cheap foreclosure listings in the state.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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