Oceanside, CA

Oceanside California Foreclosures, Bank Owned REO, Short Sale, and Homes for Sale

June 29, 2009

Real Estate Silver lining or still too early to tell? Lets look at the numbers...

May 2009 Foreclosure, REO, and Short Sale update.

According to Foreclosure Radar (A service which tracks every single foreclosure daily in the state of California) in the month of April Foreclosure notices in the state of California saw a decline while foreclosure sales rose in the state of California.

Sales at the actual foreclosure auction rose by 32 percent overall. According to estimates foreclosure sales sold to third party investors at an average of a 28% discount from estimated market value.

Notices of default dropped by an estimated 4.2% from the record level set the prior month. Notices of Trustee sale (Foreclosure Auction) increased by 42% from the prior month.

Although it's too early to tell if this will be a trend its important information to consider and keep an eye on.

Some important bullet points to consider:

·· Notice of defaults still remain at close to record highs. To search Pre-Foreclosure Properties click here.

·· Nearly 90 percent of the foreclosed loans for the month of May were originated between January of 2005 and December of 2007.

·· Lenders took back almost 12,000 foreclosures in which no third party bid was received. These properties become REO inventory (Real Estate Owned), and then are usually listed with Real Estate agents or sold at third party auctions. To search current REO inventory click here.

·· The percentage of total properties sold at foreclosure auction still remains pretty low compared to the overall amount of homes for sale going through the auction at only 12% with 88% going back to the lender.

·· San Diego county for the month of May saw Notice of Defaults at 3282, Notice of Truste Sales (Auctions) at 3294, and Sales at auction of 1322.

·· The median home prices in Oceanside for that same period have fallen by 37.6% to a median price for Oceanside of 198,250 making Oceanside as affordable as it's been in years.

So what does this all mean? There are still many foreclosures coming down the pipe and foreclosure activity is still at record levels. However, sales volumes are now starting to turn around. San Diego County sales volumes were up 67% last month from May of 2008. Many first time and value buyers are now stepping back into the market. The many incentives such as the $8,000 tax credit, low interest rates and decade low prices (for many areas) are making this a great time to purchase for many people. The median home price in San Diego appears to have stabilized somewhat recently going from 280,000 in March, to 285,000 in April to now 290,000 in May. It will be important to see how this number holds up with the continued high level of Foreclosures.

Click the yellow map below to view Pre-Foreclosures, Foreclosures, Auctions, REO, Short Sale, and the entire San Diego County MLS.

At Four Seasons Realty, we track most ever Foreclosure in San Diego and attend the auctions on a weekly basis and we come across many off market opportunities. To learn more about foreclosures in San Diego, please visit our fully integrated Real Estate Website at www.fourseasrealty.com , where you can search all active foreclosure, short Sale, and REO listings along with the entire San Diego county MLS.

You can also sign up for our free Property watch service which will automatically keep you updated of any new listings that fit your guidelines or any price changes!

We Look Forward to Hearing From you!

Like other local markets, the Oceanside real estate market has undergone many shifts in the last several years and continues to evolve, especially with the large number of distress sales. These data do not include any private sales nor manufactured housing; the numbers are derived from the MLS and are believed to be accurate but are not guaranteed.

READ MORE: Oceanside: A Growing and Changing Coastal San Diego Community

Media reports speak in general terms, rather than local, so that information may not represent the reality of the local Oceanside real estate market. Having data from a knowledgeable agent about the local market conditions benefits you as the buyer or seller.

In May 2009 there were 219 homes sold in Oceanside's 4 zip codes (92054, 92056, 92057, 92058), as compared to 201 in April (another increase, of 9%). Here's the breakdown of overall activity.

As in other communities, sales volume went up again in May and the average price for detached homes dropped (but in contrast it increased for attached homes). As compared to April 2008, sales rose 7% for detached homes (with a decline of 3% in average sales price in May from April) and 13% for attached homes (with another but smaller increase in average sales price over April 2009 of 13%).

NOTE: There is a new status that is important for buyers to know about. The MLS now tracks those properties that are CONTINGENT, i.e., ones that have accepted offers that are waiting short sale approval, or where offers are submitted to the REO banks and awaiting approval. In the past these were lumped together in the ACTIVE category, becoming pending only once the offers were officially accepted by the banks. They are still considered active and will be included with the ACTIVE properties when tracking stats from month to month, but they do have a different status that impacts buyers who may want to submit offers (the offers would be considered back-ups).

In Oceanside there are 240 homes with a contingent status - 61% of these are detached homes. This represents 33% of all the homes for sale. Thus buyers entering the market are seeing 1/3 of the inventory already with offers in for short sales and REOs.

At the end of May 2009 there were 726 Oceanside homes for sale (380 detached and 346 attached) a decline of 7% from the end of April (this includes the homes with Contingent status). This represents an inventory of only 1.8 months for detached homes and 3.7 months for detached homes based on the current rate of sales over the last 6 months, both of which declined again from the previous month. These absorption rates continue to be impressive when compared to many other parts of the country, some of which have over 2 years of inventory. Indeed we are seeing more multiple offers, not only on distress sales but also on regular sales, especially below $400,000.

In May we saw 162 homes come on the market, 31% fewer than in April (and almost half the number of new listings in March) . During May 211 homes went pending, about 20% fewer than in the previous month. So coupled with another decline in inventory (with fewer new homes for sale) we saw an increase in volume, which has resulted in the low absorption rates noted above.

More details can be provided if needed with regard to current activity as well as within the specific zip codes of Oceanside.

READ MORE:

Oceanside Real Estate Market Report for March and April 2009

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If I can provide more information about Oceanside, Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.

All content copyright © 2009 Jeff Dowler Carlsbad Homes and Real Estate Tidbits

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So Lenders, what's your game plan? How are you keeping your clients' confidential data safe?

I teach a CE accredited course, certified by the California Dept of Real Estate, that shows real estate offices, agents, and lenders HOW to protect their clients' confidential data. If you're interested in some tips, give me a call! I'll be happy to help you.

Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook "Stop Foreclosure Fast: Solutions to Save your House"
Author of forthcoming book, "Virtual Office Guide for Business Professionals: Work & Profit from Home"
Join & post to my NEW ActiveRain group at http://activerain.com/groups/virtualoffice

Text copyright © 2009 R.P. Brown, All Rights Reserved

Hello and Welcome to Oceanside California Foreclosure Auction, Bank Owned REO, and Homes for Sale.

Understanding the foreclosure property auction (also known as Trustee Sale) process takes time, due diligence, and understanding. Saavy Real Estate investors can find some of the best deals around buying at these auctions, but is it right for everyone. We would like to help explain further about these auctions and the benefits and downsides of buying Real Estate at them.

Understanding the process is the key, and here is how the process goes as an overview:

Pre-Foreclosure (Also known as Notice of Default). Pre-Foreclosure is usually when the current homeowner is 90 days past due on their Mortgage. The current lender files with the County Recorders office a Notice of Default. When this is filed, this information becomes a matter of public record. When this notice is filed the lender usually usally gives the homeowner 90 days to come current on the amound their are past due. During this period a good amount of homeowners lately have been trying to obtain new financing terms by doing a Loan Modification with their current lender or a Short Sale with a Realtor if they know they aren't going to be able to keep up the payments due to hardship. Both of these things often times delay the foreclosure process as the bank looks to work with the current owner to see if one of these options may be a fit. To learn more about Pre-Foreclosures in San Diego and actually search Pre-Foreclosures in San Diego for free click the yellow map.

Foreclosure Sale (Alo known as Notice of Trustee Sale). The Foreclosure sale usally occurs and is scheduled roughly 90 days after the Notice of Default is issues. Although, most of the time this process is delayed currently. Notice of Trustee sale usally takes place on the courthouse steps in the County in which the property is located. In this case, most auctions take place in Downtown, San Diego. Properties are sold as is, without any warranties or guarantees, and they must be paid for on the spot with a certified cashiers check. Many times the buyer of that foreclosure property has to end up evicting the current homeowner or tenant and this sometimes can be a process. However, even though its a riskier process, the reward can be great. To learn more about Foreclosure Sales In Oceanside and Search upcoming properties scheduled for Foreclosure click the yellow map below.

Bank Owned (REO). Bank owned properties are the properties that have gone through the two steps above and didn't sell at the Foreclosure Sale. In this case, the current lender has to take them back if there are no acceptable bids. This can also be a great area for an investor, because in a lot of cases, the lender does not want to own these properties. These can be great deals for an investor, you can also research these properties in greater detail than Foreclosure Auctions, and most all of the time you can use financing and obtain a home warranty with these. To learn more about Bank Owned REO listings in Oceanside click here.

Re-Sale Properties. Many people think Re Sale properties are not a great deal with all the Foreclosure properties out there. This is actually not true in many cases. Re Sales have to be priced aggresively and in line with Foreclosures if they want to have a chance of selling in todays market. In a lot of cases a buyer or investor can buy a re sale that has been taken good care of, doesn't have much fix up to perform, and is very close in price to that of a Foreclosure that might require a lot of work. Sometimes people think that because they are buying a Foreclosure at 20% below market value that its always a steal, however sometimes there is 20% worth of rehabilitation to get the property back to standards that actually makes it the same deal as a re-sale. Making Re Sales a great option as well. To learn more about Re Sale Homes for Sale in Oceanside click here.

Ultimately, the decision is yours and what is right for you and your situation. We have built a fully integrated Real Estate Website that will allow you to search every aspect of what we have discussed above. To search Pre-Foreclosure, Foreclosure Auction, Bank Owned REO, and New and ReSale Homes in Oceanside click here.

We also attend the Foreclosure Auctions in Oceanside on a weekly basis and track virtually every Foreclosure property in Oceanside and would be happy to talk with you about your needs further.

We Look forward to hearing from you!

I recently met a wonderful couple who have become clients of mine in the Short Sale process.

Unlike so many others out there, they did not buy more house than they could afford, nor did the main bread winner lose his job. Their only down fall came from being in the US Military.

The husband was going to retire from the military after more than 20 years, but because the job market in his field dried-up, he reenlisted.

Having just recently returned from another tour in Iraq, they are being transfered to yet another location outside of the United States.

Because they purchased their home after the 2007 cut off, they do not qualify for the military to purchase their home.

This couple has tried everything for trying to sell it themselves to trying to lease out the property & of course the ever popular loan modification. Every where they turn, doors have been shut. Thus we are now trying to sell the property in a Short Sale.

Thru their research, this is happening to military families all over the country. All branches and all ranks are being affected.

This is a travesty!

We ask these family to sacrifice so much already and now we are ruining their credit on top of everything else.