MIAMI, April 19, 2011 /PRNewswire/ -- ForeclosureDeals.com, an online leader in the foreclosure listings and foreclosure news industry, revealed that while California foreclosures are up significantly since the beginning of the year, foreclosures in California are taking up to a year to reach the market.
California has long been home to the largest inventory of foreclosure properties in a single state, and the trend is continuing. New statistics on foreclosed homes in California revealed by ForeclosureDeals.com show that foreclosures across the state rose 35% between February and March of 2011. But in addition to rising foreclosure rates, California foreclosed homes are now taking much longer to get to auction. In some areas, such as San Mateo and Santa Clara counties, the average time for a foreclosure to go to auction is one year.
"The California foreclosure process has really slowed down, and it's created a lot of great buying opportunities for foreclosure investors," remarked James Foxx, ForeclosureDeals' chief business analyst.
Foxx pointed out that foreclosure courts in California are making sure that each foreclosure has been carefully reviewed before going to public sale, in light of the recent "robo-signing" scandal, involving bank foreclosures that were pushed through to foreclosure without providing defaulted homeowners with time to pay off their debt.
"Foreclosures are taking 6, 9, 12 months to go to sale, and it's slowly creating a buyer's market."
Home sales, however, have been on a steady rise in California in the past few months, and rose by 33% in March alone. Buyers are also turning to buying foreclosures in California much more often, as California foreclosure properties and distressed homes accounted for more than 57% of all home sales in the state in March.
Reports show that California foreclosures are common in areas nearby military bases, such as San Diego, Murrieta, and Fallbrook. Since homebuyers in these areas are itinerant military families, they often move and are unable to sell their homes in the depressed market. But foreclosure investment has also taken root in the area, with foreclosed houses bought up to be rented to new military arrivals.
"People are definitely paying attention to California foreclosures, because they offer so much value," Foxx remarked. "When you've got a situation with increased interest in foreclosure investment, but a healthy supply of foreclosure homes, it's a great time to buy. You're going to find a lot of homes going for low prices so that lenders can sell off the backlog."
ForeclosureDeals.com is a leader in the foreclosure news and foreclosure listings field. With a database of over 1.5 million foreclosure properties listed nationwide and daily updates on foreclosure advice and investment information, ForeclosureDeals.com is a one-stop source for foreclosure buyers and real estate investors. Visit http://ForeclosureDeals.com to learn more.
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