Choosing between foreclosures and modular homes for sale in California would depend on available inventory, prices, lifestyle and personal preferences. It would also depend on whether the buyer already has a home lot on which the modular home will be assembled and installed.
Most foreclosure homes in California are site-built, compared to modular homes, whose components are constructed in factories and then delivered and assembled on home sites. There are also foreclosed modular homes, as there are foreclosed manufactured homes, but their percentages are much lower than the share of site-built foreclosed single-family and multi-family homes.
In California, there were more than 79,000 homes repossessed by lenders from January to May. This number represented 22 percent of the more than 358,000 homes that were sent default and foreclosure notices during the same period.
For people planning to purchase home foreclosures, but also considering buying modular homes for sale, they can look at foreclosed homes for sale in Oakland, CA in addition to other distressed properties they are viewing.
In Oakland and in other parts of Alameda County, there were 2,380 homes that entered foreclosure in May. While this total marked a decline of 21 percent over the year, the number of REO units increased by 24 percent to 522 units, providing more opportunities for people looking for lower-priced foreclosed homes in the area.
Filings in Alameda accounted for 36 percent of the 6,598 foreclosure cases filed in the county in May and represented the second highest total for a county in the Bay Area.
Just like in many other parts of the country, lenders pursued foreclosures on homes they have notified of foreclosure sale months before and slowed down on filing new cases. Default notices in Alameda fell by a staggering 46 percent over the year to 780 in May and trustee sale notices dropped by seven percent to 1,078.
While some people prefer modular homes for sale, most others prefer foreclosures because of their lower prices and their advantages as site-built structures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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