Murrieta Foreclosures Lead July Area Home Sales
Category: Real Estate Trends
Published: Tuesday, August 25, 2009
Murrieta bank homes led Southwest Riverside County home sales during the month of July according to market analyst MDA DataQuick. Nearly 1,000 homes changed hands last month and 299 houses, a full one third of all transactions, occurred in Murrieta. Buyers paid slightly higher for their Murrieta foreclosures last month as well, with a median home price of $231,500. While this is up 2% from June, prices on Murrieta bank owned homes are still 17.91% lower than July, 2008.
The report looked at homes in Murrieta, Temecula, Menifee, Wildomar and Lake Elsinore, and found that 43% of all homes sold were previous Riverside County foreclosures. Temecula foreclosures came in second with 247 sales, and Lake Elsinore bank homes were third with 217 foreclosure resales. The increase in sales numbers could mean that banks are starting to let go of their substantial foreclosures inventory, just as a new wave of mortgage defaults makes its way across the banking industry.
Riverside County Notices of Default High in 2nd Quarter
Over 14,000 homeowners entered the foreclosure process in the second quarter of 2009, with many of those pre-foreclosure notices sent to likely future Murrieta foreclosed homes and Temecula bank homes, one of the area's hardest hit with subprime mortgages and foreclosure filings. For buyers holding out for the perfect Southwest Riverside County bank owned home, now could be the perfect time to buy. Prices are just now beginning to inch upward and interest rates are holding steady in the affordable low 5% range.
Temecula Bank Homes Ultra Affordable
From wine country estates to cozy cul-de-sacs, Temecula foreclosed homes are at their most affordable in years. The median price among Temecula listings was $254,500, while Menifee foreclosures kept prices in that community at just $206,000. To the north, Lake Elsinore foreclosures held prices under $200,000 and first time buyers are finding beautiful homes on large, pool-sized lots up and down the I-15 corridor.
Oak Tree Realty Group Murrieta is your Southwest Riverside County Foreclosures specialist and can help you find Murrieta bank owned property, Temecula bank owned homes, Winchester Foreclosures or Menifee Bank Homes that fit your lifestyle and your budget. For a customized showing of the best properties in Riverside County, contact the neighborhood specialists today at 1-877-226-4800.
The $8,000 first time homebuyer’s credit is set to expire in November and buyers are busy finding the best deals on Murrieta foreclosures and Temecula bank homes. The team at Oak Tree Realty Group Murrieta points to possible neighborhoods for great deals on affordable Murrieta bank homes.
Buyers of Temecula foreclosures may have less competition from first time homebuyers in the coming months, thanks to a plan by the City of Temecula to complete 110 half-finished condominiums and turn them into affordable housing apartments for rent. The team at Oak Tree Realty Group Murrieta offers insight into the plan.
Banks selling their Murrieta foreclosures and Temecula bank homes naturally want to present their listings in the best possible light. The foreclosure experts at Oak Tree Realty Group Murrieta talk about how to decode listings and make sure buyers know the facts before offering on Riverside County foreclosures.
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