California Bank Foreclosures for sale

You can find a dream home amongst many listed California foreclosure homes. Here you will get an insight into California bank foreclosures.

The Current Foreclosure Scenario

There has been a considerable increase in the number of U.S. homes that have entered into foreclosure in the first quarter of 2006 and this includes California foreclosure homes too. According to reports, 168,829 homes went into foreclosure in the first three months of 2007. This happened because the homeowners failed to pay their loans. In comparison, 2006 saw only 83,154 homes going into foreclosure in the first quarter. So the number of U.S. foreclosures in 2007 jumped to a 45% increase from 2006. Most of the states that were the worst hit include Florida, Texas and California followed by Nevada, Georgia, and Colorado. Ranked 18th in 2006, the total number of California bank foreclosures stood at 9,354 at a percentage change of 62% from January 2005.

Buying California Bank Foreclosures

Buying a home is probably one of the first things on everyone’s mind because a home suffices one of the primary needs i.e. shelter. Everyone wants to have their own dream home or a nice and cozy home by a gurgling brook at some point in their life. What better than to invest in bank foreclosures in California because you will always get it cheap.

Why California? It is one of the hottest states in terms of offering some of the best real estate properties and deals. According to some real estate reports 39,800 foreclosure homes in California were sold in March 2007. This means that there are more people investing in these homes as they are getting it at a bargain price. There has been an increase of 27.5% since February when 31,228 California foreclosure homes were sold. But this percentage is still 31% lesser than the number of homes sold in March 2006, which was 57,675.

Of course the good new is that there are plenty more out there that you can choose from. So how will you get to know about these homes? All you need to find is comprehensive and updated California foreclosure listings, which are generally available with lenders, banks, financial institutions, HUD and online real estate advisors and companies. There are many people who offer them for free but if you are looking for an updated list then you will have to subscribe to these lists.

One of the prime areas is the bay area where the median price paid last month for California foreclosed homes was $484,000. This is a new record. It was up 2.5% from February's median price of $472,000 and 3% up from $470,000 for March 2006. California home foreclosures offer some of the best homes but of course you need to be extra careful when buying one of these homes as you will get it as you see it. Any extra repairs will be your responsibility.

The median payment for mortgages for California bank foreclosures was $2,230 for last month. This is a spike up from $2,196 in February and spike down from $2,235 for March 2006. California has immense variety in terms of look and style of homes as well as great price bargains. Here’s your opportunity to grab one!