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California Short Sales, Foreclosures, REOs Los Angeles, San Diego, Riverside & Orange County Short-Sales Listings
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18 Nov 08 Short Sales Drive Thousands of San Diego Homes Below $200,000

HouseRebate.com announces October 2008 San Diego foreclosure numbers and a San Diego home deal list with single-family detached homes for less than $200,000 and condominiums for sale for under $100,000.  San Diego continues to have a large foreclosure inventory, giving potential San Diego homebuyers and investors great buying opportunities. As of November 10th, 2008, there are 5,862 San Diego bank-owned properties. Buyers have been taking advantage of low prices and distressed properties; the current number of 5,862 San Diego foreclosed homes has dropped from more than 7,000 foreclosed properties in October. With over 2,500 San Diego foreclosure properties actively for sale on the San Diego Multiple Listing Service (MLS), the remaining 3,362 bank-owned properties are being processed to be available for sale or are currently in escrow.  Needless to say, California short sales and loan modifications for homes in Southern California have affected the San Diego marketplace. 

As proof of these buying trends, the number of San Diego foreclosure properties for sale in the next 90 days has dropped by fifteen percent: 3,979 San Diego foreclosure properties are scheduled for auction in the next 90 days, down from 4,589 in October 2008. Currently, there are approximately 7,000 San Diego homes and properties in the pre-foreclosure phase, down from more than 10,000 at the end of September 2008. Owners of San Diego real estate properties that are in pre-foreclosure have received a Notice of Default to alert them that a foreclosure auction is pending. Overall, however, San Diego bank-owned properties are decreasing as investors are buying up many of the foreclosure properties.

Brian Yui, CEO of HouseRebate.com, states that “there are countless opportunities for investors to buy San Diego distressed properties and achieve positive cash flow with only 25% down. Opportunities of this kind have not occurred in San Diego for over a decade. Because home purchase prices have dropped back to 2003 price levels, but rents remain at 2008 levels, in some San Diego suburbs a single-family detached home can be purchased for $200,000 and still rent for $1600 per month.” Due to these money-making opportunities, many of bank-owned listings are seeing multiple offers as San Diego real estate investors bid against eager first-time homebuyers.



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