San Diego (PRWEB) August 11, 2008
San Diego foreclosures continue to increase giving potential San Diego homebuyers tremendous opportunity. The end of July 2008 showed 7,132 San Diego bank owned (REO) properties. Over 2,000 of these San Diego foreclosure properties are for sale on the San Diego Multiple Listing Service (MLS). The remaining 5,000 plus bank owned properties would be available for sale as the banks process these properties for the San Diego real estate market.
The increase in San Diego foreclosures homes offers buyers an opportunity to invest in the American dream of owning a home in San Diego. With 4,287 San Diego foreclosure properties scheduled for foreclosure auction in the next 90 days, a portion of these properties will be foreclosed on by the banks. Others may be available to buyers via the San Diego Short Sale process. A short sale occurs when the existing owner of a San Diego home finds a buyer for the house prior to foreclosure at sales price lower than the loan balance and the bank agrees to reduce its loan balance in order to sell the home. The short sale process is more desirable for defaulting homeowners as their credit report is less damaged by having a short sale than a foreclosure.
There are almost 12,000 San Diego homes and properties in the pre-foreclosure phase. These owners of the San Diego real estate properties have received a Notice of Default and have been notified that a San Diego foreclosure auction is pending. Brian Yui, CEO of HouseRebate.com, expects the San Diego foreclosure market to expand through the end of the next year.
According to Sandicor, there were 2,610 San Diego home sales in July 2008. Approximately 30% of these sales were San Diego bank owned properties due to San Diego foreclosures. In July 2008, there were 498 San Diego homes that sold over the original asking price. Bidding wars are erupting on San Diego Bank Owned properties and banks are reacting quickly to the offers. San Diego investors and home buyers need to react quickly and make reasonable offers to secure a deal. To view the current list of San Diego foreclosure property visit HouseRebate.com.
HouseRebate.com is a full service value real estate company. HouseRebate.com maintains a seasoned staff of agents who provide all the services that traditional real estate offices offer at discount pricing, offering reduced commissions on sales and rebates 33% of its commissions on purchases. HouseRebate.com has a virtual foreclosure tour bus that shows the current available San Diego foreclosure properties available. HouseRebate.com is a member of the National Association of Realtors®.