Counties in California continue to suffer from huge numbers of single family and multi family foreclosures. Riverside is ranked top among counties in the area in terms of foreclosures.
Although the total number of foreclosed houses in California, including multi family homes for sale, declined in August 2010 compared with a year ago, state foreclosure rates remain high.
A lot of foreclosures are left in ruins due to people who break in. Poor realtors for they just end up troubled as they try to sell these foreclosed properties.
In a report released by a California-based online real estate marketing company, the movement of foreclosures dropped to a notable level last month. The firm believes that this activity will continue in the coming months.
Merced foreclosures and job losses soared in 2009, but the HUD did not give Merced County any money from its second NSP funding round. Merced posted the highest rate of foreclosure rate in California in 2009.
Resales of California foreclosures accounted for nearly 43 percent of total house sales in the state in the first quarter, an increase from 40.6 percent in the prior quarter.
Low-priced Merced foreclosures are facilitating efforts to rejuvenate the city’s downtown. With lower prices of land and buildings, the city has already purchased eight vacant lots and houses for only $400,000.
California foreclosures continue to provide bargain-hunters with low-priced properties, increasing home sales in the county and causing average home price to drop significantly.
Home buyers can find foreclosures in Las Vegas, Cape Coral, Merced and other cities in the four Sand States. These cities posted the highest rates of foreclosure in the U.S. in 2009.
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