After almost ten years, the number of foreclosure filings in California has reached its highest level during the first quarter of this year. Experts are blaming it on flat appreciation, mortgage resets and sluggish sales. Most of these foreclosure filings were default notices that originated from loans taken two summers ago until May last year. Loans that went into default were 15 months old on the average. Most of the primary mortgages in default have owners who have failed to make mortgage payments for an average of five months, resulting to the large inventory of California foreclosure homes.
There are several counties in California, which recorded considerable increase in default notices compared to the first quarter of 2006. These counties include Los Angeles, Contra Costa, Solano, Alameda, Orange, San Diego, Riverside and Bay Area. According to some real estate experts, owners living in San Francisco, Marin and San Mateo cities are most likely to face foreclosure troubles in the near future.
For buyers, this could be the perfect time to own one of these California foreclosure homes, as these owners are finding a way to cure mortgage default and stop the mortgage lenders from re-possessing. Before the re-instatement period is up and the sellers are still in the preforeclosure stage, it would be the best time to make an offer. You will be surprised at the very low prices as well as speed of the transaction.
Of course, the only bump in the road is finding these types of foreclosure homes in California. In any case, seasoned investors have always relied on the foreclosure services provided by real estate experts like ForeclosureConnections. In no time at all, you will be the proud owner of a foreclosed home and enjoying its many return potentials.
More Resources:
- Foreclosure Information
- Virginia Foreclosures
- Pennsylvania Foreclosure Homes
- Foreclosure Homes in Orlando
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