Opening the Dam of San Diego Foreclosures
There are many foreclosures because of the Foreclosure Moratorium that are waiting to be put on the market for sale by banks, asset managers and REO agents. The foreclosure moratorium here in San Diego County as well as most areas of the United States has kept homeowners in their homes through the 2008 holidays and then 
extended into 2009. Now that we're well into 2009 there are many wondering why hasn't the banks released the foreclosures. Many of them are vacant and the buyers are looking for new foreclosures to buy. In fact there are so many buyers here in San Diego they are starting to get discouraged in some San Diego markets and price ranges on the lack of inventory. There are also multiple offers on many homes sometimes exceeding 30 offers.
Some say the foreclosures are being held off the market because the banks are waiting to see if the Obama administration will subsidize the banks for their toxic assets. If that's the case one of two things will happen the government "our tax dollars and our kids and grandkids tax dollars" will bailout the banks once again and then the foreclosures will come onto the San Diego market or the administration wont bail them out and the foreclosures will come on the market. Either way if this is the hold up let's make a decision already because my buyers are getting real tired of waiting.
The word here in San Diego is that there are buyers galore and not enough homes for sale in some areas and some price ranges. Mostly first time home buyer price ranges. The inventory is filled with REO's that are heavily damaged and needing lots of work or short sales with many offers and slow moving negotiators at banks. I HOPE by summer the Obama administration will CHANGE what's going on.
If you need help buying a home or condo in the San Diego area make sure you contact us we're your San Diego Realtor.
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All Information is believed to be correct but not guaranteed.
Posted in Otay Mesa, San Ysidro, National City, North Park, East San Diego, Logan Heights, El Cajon, La Mesa, San Diego Market Report, San Diego Real Estate News, San Diego Real Estate Blog, San Diego Foreclosures, Santee, Spring Valley, Point Loma, Ocean Beach, Chula Vista, EastLake, South Bay, East County, San Diego Real Estate, Central Coastal, Otay Ranch, Carlsbad, Mira Mesa, Rancho Bernardo, Escondido, Oceanside, Carmel Mountain
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