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Foreclosures Like Fixer Upper Repo Homes Continue to Rise in CA

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By : John Cutts    99 or more times read
Fixer upper repo homes, foreclosed single family dwellings, distressed multifamily houses and almost all types of foreclosed residential properties can be seen in California. The state is one of the U.S. areas hit hardest by the housing market crisis, with an estimated 700,000 properties in some kind of foreclosure phase in the state.

According to housing market analysts, Ontario repo homes for sale and all types of distressed properties in various cities of California have bigger implications than generally known. Aside from causing thousands of families and individuals to lose their properties, the housing problem is also expected to cost the areas around $4 billion in revenues in the form of transfer, sales and property taxes.

For homeowners, California repo homes and foreclosed properties will reportedly have a financial impact of around $60 billion in terms of lost residential property values. With this in mind, most homeowners in the region view the temporary foreclosure halt imposed by several major lenders as positive.

According to them, this will stem the flow of foreclosed properties and fixer upper repo homes into the market and will give troubled borrowers some breathing space. The Bank of America's decision to include all 50 states in its foreclosure moratorium was also applauded by most residents.

In Bank of America's earlier announcement, only areas that use the court system in resolving foreclosure issues are to be part of the temporary suspension, which meant that California will not be included. However, the bank later decided to include all states, regardless of the system used in deciding issues related to properties on repo homes and foreclosures.

According to local housing industry observers, the bank's decision was a sound one. For one, they argued that reviewing documents related to foreclosures is something that should have been done a long time ago. For another, if the bank had not included California, it is highly possible that state government agencies will initiate steps to force the bank to do so.

Residents and local officials are currently waiting to see whether other lenders will follow Bank of America's lead and also impose moratorium on foreclosures involving residential properties, like Fixer upper repo homes, in the state.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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