Murrieta Bank Owned Homes

The Murrieta Real Estate market has experienced huge drops in the past couple years. Many areas have seen drops in value of as much as 50% and more. This is partially due to the large amount of foreclosures that have come on the market and are continuing to come on the market. The Murrieta area has been hit harder than many areas due to the large number of homes that were built and sold during the 2001-2006 period when Real Estate values were skyrocketing. Today, many home owners are letting go of these homes because they owe significantly more than what the home is worth and with a tough economy many home owners can no longer afford these homes.

Murrieta Bank Owned Homes have been selling very quickly. In October of 2008, Murrieta had 268 closed sales compared to only 66 closed sales in October of 2007. This has been the trend for the past few months. The Bank Owned Homes have been selling the quickest because they are the most aggressively priced homes in todays market. They account for more than half of the sales in the area.