Here’s a quick, informative slice of what’s happening in the booming buyer’s market this week:
1. Foreclosures are at an all-time high nationwide.
The number of foreclosures skyrocketed last year to an all-time high of 2.3 million, further deflating home prices at the fastest pace we’ve seen yet. According to Bloomberg reports out today, foreclosures have now risen to 3 million.
The upside? A flood of foreclosures equals more opportunities for lower-cost, high-projected value investments. The dramatic boom in foreclosures means more inventory and choices than ever before, as well as amazingly promising potential for profit, both for first-time homebuyers and investors alike.
To see local foreclosures BEFORE they hit the market, tap into my exclusive list. Sign up now for VIP access that plugs you into critical, time-sensitive information on several incredible investment opportunities.
2. Bargain hunters flood the California foreclosure market.
Bargain hunters nabbing bank-owned foreclosure properties at a furious pace are driving California’s thriving buyer’s market. Foreclosures in the Golden State represented 50% of existing homes sold last month, up from 24% this time last year. Investors are snapping up distressed properties at a never-before-seen clip. Banks are rushing to get these properties off their books, attracting flocks of buyer’s on the hunt for great deals. Click here for VIP access to my exclusive before-market foreclosures list.
3. Home prices in the Pacific Region are dropping faster than anywhere else.
The Pacific region, which includes California, plummeted in the house price index by 22 percent. The South Atlantic area, Florida included, ranked second, with a decrease of 12 percent. Trailing at third in the index, the Mountain Region, encompassing Arizona and Nevada, reported a drop of 9. 1 percent.
4. The buyer’s market only gets better as the recession worsens.
According to the latest government statistics, U.S. home prices haven’t dipped this low in 18 years. What we’re witnessing are truly historic price declines.
Coming up, continued coverage of the thriving foreclosures market.
Sincerely,
Mark Shandrow
REO Broker-Associate
Keller Williams Realty
markshandrow.com
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