Riverside California Foreclosures
Are you interested in finding out more about Riverside Ca foreclosures? This is a topic that impacts almost everyone in Riverside California. Realty Trac recently reported that foreclosures in the US are 15% higher than they were a year ago. They also say that there is likely to be an increase in foreclosure activity in the next several months. If this happens it will be driven by more unemployment and economic hardship. For 2009 the three states with the most foreclosures were: California - 632,573, Florida - 516,711 and Arizona - 163,210 (according to Realty Trac) but keep in mind that, particularly with California and Florida, these are high population states. The cities/areas in the US with the highest foreclosure filings in 2009 were:
- Las Vegas, NV
- Cape Coral- Fort Myers, FL
- Merced, CA
- Riverside-San Bernadino-Ontario, CA
The Inland Empire and Riverside have been rebounding a bit from the foreclosure activity – but another wave of foreclosures in the coming months will be extremely hard on our struggling housing market. Some experts believe that a new round of foreclosures could trigger a double-dip in housing prices. I hope we don't see that happen in Riverside or the Inland Empire.
As of February 16, 2010, there are 990 active listings on the multiple listing service for single family homes for sale in Riverside CA. Of those, 139 are shown as foreclosures and 462 are listed as short sales/pre-foclosure. 57 of these listings don’t show what type of sale they are. Foreclosures are dropping - the number of homes that people have bought that are foreclosures is declining. In August there were 231 sales, 172 in November and then compare that to the 139 currently.
Buying a Riverside CA foreclosure takes less time and patience than a short sale, but as you can see from these numbers, short sales are a big part of the market and I think we'll be seeing them for a quite a while yet. And for you buyers out there, the number of short sales actually closing successfully has increased.
If you are facing a possible foreclosure, there are alternatives: talk to your lender about a loan modification. If they deny a loan modification, than a short sale is an alternative that is better than foreclosure for many people. Call us if you are thinking of doing a short sale or if you are looking to buy a Riverside CA foreclosure or short sale house. My ActiveRain.com blog.
Click here to learn how to get your offer accepted on a foreclosure home.
Posted at 06:27PM Feb 16, 2010 by The Pedersen Team in Real Estate | Comments[0]
