Riverside County Foreclosures Rank Second in California
Category: Real Estate Trends
Published: Tuesday, February 17, 2009
Even with foreclosures dropping in California during the month of January, Riverside County foreclosures are still at record levels, second only to Merced County in central California. Roughly 1 foreclosure for every 1,008 county residents was recorded in January, according to bay area research firm Foreclosure Radar. San Bernardino County came in fourth in the state in terms of sheer numbers of foreclosures.
Southwest Riverside County communities took the lion's share of foreclosure activity, with Murrieta foreclosures, Temecula foreclosures, Menifee bank homes and Winchester bank owned homes accounting for nearly 65% of all Riverside County foreclosures. Particularly hard hit were communities that experienced tremendous home value escalation over the past three years, notably Murrieta and Temecula.
Murrieta, Temecula Foreclosures Remain the Best Investment Option
For homebuyers looking to settle in beautiful southwest Riverside County, foreclosure bargains in Murrieta and Temecula remain your best investment strategy. Prices are at their most affordable in years, and the large numbers of Murrieta bank homes on the market make for exceptional bargains for buyers who are serious about finding a bank owned home. With home values off nearly 50% from a year ago, Temecula and Murrieta remain your best chance of seeing equity build up quickly once the market rebounds. Buyers should also know that market watchers expect this to happen sooner than later, as new foreclosure procedures among the banks could slow the number of foreclosures hitting the market in coming months.
Whether you're in the market for a first time home, a move up executive estate or an investment property now is the time to buy in foreclosure rich southwest Riverside County. Many homes are selling for well under their new home construction pricing, offering buyers with average incomes the chance to own a piece of the American dream in one of the finest areas of California. The beach is an hour away, the mountain resorts are 90 minutes from home, and the clear skies and mild summer temperatures are in your own backyard.
Contact the foreclosure specialists at Oak Tree Realty Group Murrieta for a customized showing of the best Murrieta and Temecula foreclosures, or Winchester bank homes and Menifee REOs. Call today at 1-951-973-7177.
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