Bank Owned Homes in San Diego Contribute to The Rise in Home Sales
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Published: Tuesday, November 18, 2008
The San Diego housing market is experiencing a trend that closely resembles a renaissance. While the media is comfortable throwing around the word recession, real estate seems to remain unaffected. The number of homes sold in October soared 97.5% compared to October of 2007. This is the fourth consecutive month that home sales have risen.
What is even more phenomenal about this trend is that while the numbers of homes sold are rising the median price of a home in San Diego has dropped substantially. One source reports the median price dropped almost 32% from 2007. In laymen's terms, home sales in San Diego are rising while home prices are plummeting. In fact, in October the median home price in San Diego dropped as much as 1.9% from the previous month.
Why are home prices so low? For starters, the real estate market in San Diego has been saturated with bank owned property. The lending institutes are plagued with unwanted REO properties, and are eager to liquidate their assets. The number of foreclosures in San Diego is monumental and rising daily. With so many homes on the market, the only option the banks have is to sell the properties at an attractive price.
Nevertheless, you may still be wondering what happened between September and October of this year to cause the median home price to drop almost 2%? The financial "bail out" happened. When Congress signed the bill to pass the "bail out," it made provisions for lenders to write off their losses. In essence, lenders are willing to discount their properties in order to get a piece of the pie.
While the rest of the world scoffs about the injustices of the "bail out," smart investors are using it to their advantage and purchasing bank owned property in San Diego like a game of monopoly.
Richard Elias has helped numerous investors identify smart investments. His ability to negotiate intelligent contracts for his clients has earned Mr. Elias an excellent reputation in his community. If you are interested in taking advantage of today's market and you would like the assistance of Mr. Elias, contact him at 800-474-1919, or search his extensive inventory of bank owned homes in San Diego at www.sdbankhomes.RichardElias.com
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Bank Owned Homes in San Diego Contribute to The Rise in Home Sales
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