Riverside County Foreclosures Considered Most “Likely” Among Current Notices of Default
Category: Real Estate Trends
Published: Tuesday, June 16, 2009
Riverside County foreclosures are considered the most likely among current Notices of Default, according to recent numbers released by San Diego based MDA DataQuick, a market analyst and real estate information firm. This can create new opportunities for buyers looking for Murrieta foreclosures and Temecula bank homes as these areas are more likely to see significant increases in the number of bank owned homes in the coming months.
According to the report, the affluent northern California counties of Marin, San Mateo and San Francisco were seeing the least number of default notices, while Merced, Madera and Riverside Counties were seeing the most. This comes as no surprise to residents living next door to record numbers of Inland Empire foreclosures and puts more pressure on the banks to turn over existing Murrieta bank homes faster.
More than 14,000 Riverside County Foreclosures Started in 2nd Quarter 2009
Riverside County saw 14,302 homes enter the foreclosures process during April, May and June. This is down slightly from the nearly 15,000 Notices of Default issued during the second quarter of 2008, but up almost 6% from the first three months of 2009. The increase in defaults is most likely the result of lenders and homeowners coming to the end of workout negotiations with no deal on the table. Banks have been working hard to help homeowners in response to increased pressure from state and federal regulators but in some cases, particularly when a homeowner has been hit with unemployment on top of mortgage rate increases, the only outcome is foreclosure.
While the increase in Notices of Default will likely result in even more Murrieta foreclosures on the market in the coming months, it also spells new opportunity for home buyers that thought they have missed their chance of owning affordable Temecula foreclosures, Winchester foreclosures or Menifee bank homes. Lenders will be working overtime to clear existing inventories of Murrieta REOs from their books so they can handle another potential 14,000 foreclosures in the coming months. They will also want to stabilize prices before the next wave of foreclosures hits the market and the best way to do that is to get rid of their current inventory.
The net result? Lower prices right now for homes currently on the market. If you have been dreaming about owning one of the many beautiful Murrieta bank homes or Temecula foreclosures on the market now is the perfect time to act, before more houses are sold and prices start to climb. In addition, when word of the increased foreclosures hits the investor market, expect more buyers with cash or hard money to outbid first time homebuyers or buyers needing lender approval before escrow can close.
Don't wait. Whether you are buying or selling, the professionals at Oak Tree Realty Group Murrieta can help with all your southwest Riverside County real estate needs. Contact the foreclosure specialists today at 1-877-226-4800.
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