The California real estate market has been in a state of flux ever since the beginning of this year, with the number of properties being filed for foreclosure showing no decline. The number of California foreclosures has increased by more than a hundred per cent over the past one year, with one in approximately 200 properties being under some or the other state of foreclosure. When you look at the national average and compare the state with other ones, then California is the state with the second highest number of property foreclosures after Nevada.
This has led to a number of properties that have been repossessed by banks and mortgage companies now lying vacant in the best cities and neighborhoods of California. While it is a really pitiable situation when you look at the plight of home owners who have been forced to foreclose, the same situation offers huge possibilities to people who currently have the resources and the desire to buy a house in California. Real estate prices in California have always been much higher when compared to other states, generally acting as a deterrent to many home buyers who could not arrange the necessary finances to buy the kind of house that they liked and who had to compromise on either the size or the locality of the homes that they bought.
While foreclosed properties are not brand new, most of them are not very old either and the majority of foreclosed properties that are currently up for sale in California are either new constructions or have been recently refurbished and renovated. The major advantage involved in buying any foreclosed property is that you can save anywhere from 10% to 50% on the actual market value of the property. Buying a California foreclosure right now will prove profitable for both home buyers as well as investors because of the major glut of vacant foreclosed properties that are currently flooding the real estate market.
The California foreclosure market is currently heavily tilted in favor of the buyers as sellers are trying to offload foreclosed properties to cut their losses. Since such a buyer-friendly situation might never ever again occur in the history of the high priced California real estate market, this is the correct time to pool together your resources and buy a foreclosed property in California.
This has led to a number of properties that have been repossessed by banks and mortgage companies now lying vacant in the best cities and neighborhoods of California. While it is a really pitiable situation when you look at the plight of home owners who have been forced to foreclose, the same situation offers huge possibilities to people who currently have the resources and the desire to buy a house in California. Real estate prices in California have always been much higher when compared to other states, generally acting as a deterrent to many home buyers who could not arrange the necessary finances to buy the kind of house that they liked and who had to compromise on either the size or the locality of the homes that they bought.
While foreclosed properties are not brand new, most of them are not very old either and the majority of foreclosed properties that are currently up for sale in California are either new constructions or have been recently refurbished and renovated. The major advantage involved in buying any foreclosed property is that you can save anywhere from 10% to 50% on the actual market value of the property. Buying a California foreclosure right now will prove profitable for both home buyers as well as investors because of the major glut of vacant foreclosed properties that are currently flooding the real estate market.
The California foreclosure market is currently heavily tilted in favor of the buyers as sellers are trying to offload foreclosed properties to cut their losses. Since such a buyer-friendly situation might never ever again occur in the history of the high priced California real estate market, this is the correct time to pool together your resources and buy a foreclosed property in California.
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