California Counties with Affordable Handyman Special Foreclosures- By: John Cutts
Houses in certain areas of California, including Handyman Special foreclosures, are relatively cheaper than in other localities of the state. According to a report by the California Building Industry Association, the counties of Sutter and Yuba are ranked second statewide in terms of home affordability for the 2010 third quarter.
Almost all residential properties in the 28 metro areas of the state, including foreclosed homes in Fresno, CA, showed increased affordability for the July-September 2010 period, according to the association's report. Around 61% of existing and new houses offered during the third quarter were affordable to home buyers with median income, the report also reveals.
The figure is higher than last year's third quarter when around 58.4% of California foreclosure properties and new dwellings offered for sale were affordable to people with earnings within the median income level. For the current year's third quarter, 83.7% of residential properties sold at the Yuba-Sutter area were affordable to buyers with median incomes.
Local realtors have supported the report's claims, although they stated that generally, nothing much has changed in the area. They claimed that residences, including Handyman Special foreclosures, have been relatively affordable in Yuba-Sutter for the past 24 months. They also reported that prices of dwellings have remained stable in the counties since February of last year.
Realtors from the area further reveal that people find foreclosure properties and newly built homes in the counties that are much cheaper when compared with other housing markets of California. They reported that the median price of homes in September, pegged at $159,000, was around 50% lower than the peak price recorded in 2005. Home buyers with FHA loans can even pay for as low as $1,150 every month for a house in Yuba-Sutter, including insurance and taxes.
The Department of Housing and Urban Development has reported that Yuba-Sutter's median income was $55,000 for 2010-2011. However, despite statistics showing that majority of residents can afford the houses on offer, not a lot of them are taking the opportunity to make a purchase.
Local realtors have reported that every month, only 140-150 buyers are purchasing new homes and foreclosed residences, including Handyman Special foreclosures and they do not see this average changing in the coming months, particularly in a shaky housing market when buying a house merits a careful consideration.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.