55% Of California Home Sale Foreclosures! | Agent Loan Mod Training | Realtor Coaching and Training
SO, over 50% of all home sales in Southern California were Foreclosures.
Anyone enrolled in the Agent REO Secrets coaching program will find this new information to be very good news indeed. The simple (staggering) fact is that the Agents who are listing and selling REOs are making a fortune.
Please understand, we aren’t celebrating the fact that so many people are losing their homes. Matter of fact we want you to learn how to help people keep their homes. Learn how to do loan modifications. Watch this free video now how to start your own loan modification business.
Here is the article from the OC Register…..
Foreclosed homes made up 55% of resale transactions in Southern California – 44% in Orange County and nearly seven out of every 10 sales in the Inland Empire – driving down prices to levels not seen since the spring of 2003, market-tracker MDA DataQuick reported today.
Last month’s price was roughly a buy-three-get-two-free sale for Southern California homes: The median price of a Southern California was $285,000, down 44% — or almost half off — from the value for similar homes at the market peak 18 months ago. That is, a single median-priced home cost $505,000 in June 2007. Last month, you could buy two median priced homes for $570,000, or just $65,000 more.
“Bargains and bargain hunters have kept this market alive,” the DataQuick press release quoted company President John Walsh as saying.
November sales outpaced last year for a fifth straight month, up nearly 27% regionwide. That’s a decent showing considering that there were fewer business days last month than in a typical November. The average number of transactions per day, for example, was just 1% lower than the daily average in October, which had the highest number of sales for any month this year so far.
The median price for areas with the highest sale numbers was under $260,000, with about half of those sales using government-insured FHA financing, DataQuick reported. November sales tended to drop in coastal zones, where the median price was over $500,000 and financing was harder to
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