Long Beach Housing Market

Foreclosures continue to grow
February 10th, 2009 9:35 AM
Just when I thought the foreclosure market was slowing, all the news seems to indicate it is continuing to increase the number of listings in the market.  For the first time, I have been working with investor buyers who are seriously looking at the foreclosure market to provide great investment opportunities.  I read a statistic this morning that 1 in every 2 sales closed in the state of California was a foreclosed property.  In some states that number is even higher.  The number of foreclosures is definitely skewing the figures we traditionally look at.  Prices in statewide are down about 41% from one year ago.  The median price in the state in December was 281,500 and the days on market - how long it takes to sell a home - has gone from 68 days in Dec. 07 to 46 days in Dec. 08.  In the middle of all this mess we continue to hear bits of good news.  The affordability for first time buyers continues to get better it is currently at 53%.  That means 53% of people who have never owned a home can qualify today to buy a home at their current income level.   I guess what we as Realtors need to do is make sure that the public, first time buyers and investors know where these properties are and are informed enough to make offers.  Most of the properties I show that are Foreclosures are in great neighborhoods.  Some of them need some work, but many don't.  They are liveable, rentable and great opportunities.  If you want to see a list of foreclosed properties in your area, give me a call and I'll get you set up with a list of properties in the area you are interested in.

Posted in:General
Posted by Heather Burke & Sarah Ireland on February 10th, 2009 9:35 AMPost a Comment

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