Murrieta and Temecula Foreclosures Driving Prices Down
Category: Real Estate Trends
Published: Thursday, January 29, 2009
Recently announced home sales figures point to an upward trend in the number of homes sold, but high numbers of foreclosures are keeping prices low. This is welcome news to buyers still shopping for bank owned bargains. The California Association of Realtors© (C.A.R.) 2008 Housing Market Report released this month indicates that while home sales are up, prices in southwest Riverside County, particularly among Murrieta foreclosures and Temecula bank homes, have dropped 50 percent over 2006 rates.
Murrieta and Temecula Foreclosures Reach All Time High in December
During the month of December, 1300 homes were foreclosed in Murrieta and Temecula alone. This is the single highest foreclosure rate on record. As a result, prices have fallen 30% from a year ago, with the median home price in Murrieta and Temecula at $260,000. The nearby communities of Menifee and French Valley are also experiencing significant price reductions, with the median home price hovering at $240,000. This is off over 36% from a year ago.
High Foreclosures Mean Murrieta Bank Home Bargains
So how does this affect buyers in the market for Murrieta bank homes and Temecula foreclosures? Record foreclosures increase the number of homes in the Murrieta real estate market. At that point it becomes a simple case of supply and demand. While sales in late fall cleared many of the Murrieta and Temecula foreclosures from the market, this new wave of foreclosures has once again created an overabundance of bank owned homes, driving prices down.
While there are plenty of homes to choose from, this overstock won't last forever. Financial advisors at Kiplinger, a leading economic analysis firm, report that the largest wave of foreclosures is likely behind us, with fewer and fewer new foreclosures each month through the end of the year. Now is the time to buy bank homes in Murrieta, Temecula, French Valley or Menifee. Once the current supply is gone, prices will begin to rise. The best bank owned bargains are available right now! Contact Oak Tree Realty Group Murrieta today and let the foreclosure specialists help you find the home that is right for you. Call them at 1-951-973-7177.
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