Making money from fixer upper homes for sale in Bakersfield, California is viable as there are plenty of low-priced foreclosures in the area and a lot of construction workers or handyman businesses that can be hired to turn these properties into move-in-ready units.
The question of how to find foreclosures in Bakersfieldis is not rocket science as foreclosed homes make up a huge majority of the homes available for sale in the city. The 6,497 foreclosed homes currently on the market account for a whopping 78 percent of all homes listed for sale.
In another report, it was shown that almost five percent of commercial and residential properties in Kern County, where Bakersfield is situated, are in default or foreclosure and that a significant number have been posted for Bakersfield foreclosure auctions.
According to the economic stress index of Associated Press, the foreclosure pace in Kern County, its 15.7-percent unemployment rate and its 1.78-percent bankruptcy rate have put Kern 15th on a list of counties with the most stressed economies in the country, putting a heavier downward pressure on home prices.
With lower prices for foreclosures, particularly fixer upper homes for sale, investors have greater prospects of earning more. Based on numbers from a major listings provider, the median price for all types of Bakersfield homes sold in May was $144,500, but there are plenty of distressed homes priced much lower.
Among fixer uppers on current Bakersfield listings are a two-bedroom one-bath home priced at $18,127; a three-bedroom one-bath house priced at $18,356; a one-bedroom one-bath house priced at $22,500; and a two-bedroom one-bath house priced at $24,900.
In May, default filings and home auctions in California slowed down compared to one year earlier, but total filings increased slightly over the month to more than 72,000 filings. Real estate owned units also dropped in number, from nearly 17,000 units in April to 15,946 units in May, including fixer upper homes for sale.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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