As of today, there are more than 300 single-family bank-owned foreclosures for sale in Los Angeles listed in the “active” status. These properties range anywhere from a 400 square foot fixer in South Los Angeles priced below $70,000, all the way up to a $2 million Hollywood Hills luxury foreclosure sited above the world-famous Sunset Strip.
The nation’s lending institutions repossessed more than 67,000 American homes in July according to RealtyTrac. 67,829 bank repossessions took place last month, a 4% drop versus the previous month and a decline of 35% when compared to July of last year. Although foreclosure filings dropped in July, more than 212,000 homes received a foreclosure notice of some sort last month. Foreclosure filings have dropped in year-over-year comparisons for each of the last 10 months.
The foreclosure market is expected to see a boom in inventory levels later this year as the millions of American homes held up in foreclosure proceedings are dumped onto the market. The rate of foreclosed homes coming to market has slowed in recent months as paperwork and processing delays have held up property repossessions by the nation’s lending institutions. This so-called “shadow inventory” of homes, or distressed properties expected to fall victim to foreclosure, is estimated to consist of well over one million single-family homes in neighborhoods all over the country.
In what is shaping up to be the slowest year for home sales in more than a decade, foreclosures and short sales accounted for 30% of all homes sold last month. According to a report released today by the National Association of Realtors, sales of existing homes fell in June for the third consecutive month. At the current rate of home sales, 4.77 million homes will be sold this year, the lowest number since 1997, and a sharp drop from last year’s total of 4.91 million homes.
There have never been more luxury foreclosed homes on the market in the United States. According to a recent study, the number of foreclosures for sale with values exceeding $1 million has increased by 90% since 2007. Nothing in the current housing market environment or data suggests we will see anything but a continuation of this trend in the near term. Luxury home buyers are sitting pretty right now with a glut of high-end foreclosures on the market in some of the country’s most desirable communities.
Ozzy and Sharon Osbourne are selling another piece of their worldwide real estate portfolio, putting their luxury Hidden Hills home on the market for $13 million. The 10-bath, 11,000-square-foot mansion sits on a hill in the middle of a 2.25 acre property in the popular celebrity hideaway. The home features a completely redesigned interior, mountain and city views, a gym, a library, a pool, maid's quarters and other luxury amenities.
If you’re in the market to buy a home in Southern California, the news just keeps getting better and better. The median home price fell last month once again as the housing market struggles to maintain any sort of momentum going into what is traditionally the height of the home buying season. The median price of a Southern California home fell more than eight percent to $280,000 in May, representing the largest year-over-year in nearly two years.
There are more than two dozen foreclosed homes in Redondo Beach on the market currently. To have a look at any of the foreclosures, short sales, bank-owned properties and standard listings on the market in the area call us directly at 888-994-7365 today.
The long predicted and much anticipated double-dip in housing prices appears to have come to fruition according to data released by S&P/Case-Shiller. Prices on single-family homes in March dropped to levels not seen since March 2003 in the United States, and below the previous post housing bust low recorded in April 2009. The March figure represents a drop of 3.6% versus last year’s home prices.
Very exciting news for foreclosure investors. Foreclosure investing is about to get some major basic-cable television exposure this fall. The same folks who brought us The Biggest Loser will be delivering six episodes of their new soon-to-be hit, Flipping Foreclosures, into your living room via Spike TV. This won’t be the testosterone-centric network’s only real estate investing-based program on the air this fall.
