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Expensive Homes Gained Ground Over Foreclosed Home Listings

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By : John Cutts    99 or more times read
Some high-end homes are listed at foreclosed home listings and are offered at prices way below their original market value. This has resulted in fewer expensive home sales, even in California. However, recent data showed that the state sold higher number of multimillion dwellings last year compared with previous periods.

Sacramento foreclosed homes listing and distressed property listings in most areas of California continue to account for a large percentage of the state's home sales, resulting in lower dollar sales equivalent. However, some markets like Orange County posted higher luxury home sales last year despite tough competition from low-priced dwellings. The county reported a 25.7% sales increase of million-dollar houses in 2010, although overall housing unit sales in the region declined from 2009 levels.

The percentage of home sales accounted for by California foreclosed homes listing properties has been increasing in the past few years. However, Orange County did well last year by selling over 3,000 houses that are worth at least $1 million. The figure was the highest total recorded for the segment in the past three years and also the first time in a five-year period that houses within this price range recorded a sales increase.

For the whole state, properties under foreclosed home listings still accounted for a huge percentage of total residential property sales, but more expensive homes seemed to be making a comeback. Statewide statistics showed that 22,529 dwellings priced at least at $1 million got sold in 2010 in California, with some selling for as high as $50 million.

The figure for luxury home sales in 2010 represented a 21% increase from the previous period and was the highest recorded in the state since 2008. The peak of million-dollar home sales in California was in 2005, when over 54,700 of such units were sold. Although low-priced properties like those in fixer upper listings still sold at high numbers last year, the luxury home market did gain some ground over such properties.

Analysts stated that the rise in sales of multimillion dollar houses does not mean that homebuyers will be turning their backs on foreclosed home listings. They stated that foreclosures will continue to account for a big part of total housing unit sales in the region in the next few years.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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