Carlsbad, San Diego and Corona del Mar, Newport Beach, Orange County real estate lawyer Sebastian Gibson discusses some possible new problems the real estate market may face in California as the economic crisis grows.. As a real estate attorney and Realtor also in the Palm Springs and Palm Desert area of Southern California, Sebastian Gibson discusses construction law issues, lending problems and the calls attorneys are now getting from the public in fear of losing their homes.
The median price for newly-built residences, repossessed houses for sale and non-foreclosed pre-owned homes in Southland dropped in May by nearly 33 percent compared to May 2008. Prospective home buyers can take advantage of low prices and mortgage rates before they go up again.
Sheriff Sale homes and foreclosure numbers dropped in several metro areas of California in 2010. However, foreclosure rates in other U.S. metros jumped higher.
Bank foreclosed hotels in California soared by 313 percent to 62 hotels in 2009. The largest foreclosure was the Marriott hotel in Los Angeles. Additionally, a total of 307 hotels were in default in 2009.
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.
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