RISMEDIA, March 4, 2010—Existing-home sales fell in January 2010 but are above year-ago levels, according to the National Association of Realtors. Existing-home sales- including single-family, townhomes, condominiums and co-ops- dropped 7.2% to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009.
Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”
Total housing inventory at the end of January fell 0.5% to 3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6% below a year ago, and is at the lowest level since March 2006.
“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”
The national median existing-home price for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38% of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.
A parallel NAR practitioner survey shows first-time buyers purchased 40% of homes in January, down from 43% in December. Investors accounted for 17% of transactions in January, up from 15% in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4% in January.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying a home in the current environment has become more challenging. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said. “Inventory conditions vary by price range, and of course there are major differences depending on location. Realtors are the best buyer resource for strategies on winning bids in increasingly competitive markets,” Golder said. “The bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.03% in January from 4.93% in December; the rate was 5.05% in January 2009.
Single-family home sales fell 6.9% to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6% above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4% from a year ago.
Existing condominium and co-op sales dropped 8.1% to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1% above the 449,000-unit level a year ago. The median existing condo price was $172,400 in January, which is 1.4 % higher than January 2009.
NortheastRegionally, existing-home sales in the Northeast fell 10.9% to an annual pace of 820,000 in January but are 22.4% above a year ago. The median price in the Northeast was $245,300, a gain of 8.8% from January 2009.
MidwestExisting-home sales in the Midwest declined 6.9% in January to a level of 1.08 million but are 8.0% higher than January 2009. The median price in the Midwest was $130,300, which is 1.0% below a year ago.
SouthIn the South, existing-home sales dropped 7.4% to an annual pace of 1.87 million in January but are 12.0% above a year ago. The median price in the South was $140,200, down 2.0% from January 2009.
WestExisting-home sales in the West declined 5.2% to an annual rate of 1.28 million in January but are 7.6% higher than January 2009. The median price in the West was $203,400, down 5.8% from a year ago.
RISMEDIA, November 18, 2009—Aided by the home buyer tax credit, the outlook for housing and the economy appears headed for a sustainable recovery, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said the projections are enhanced by a tax credit expansion to more home buyers through the middle of 2010. “Given the success of the first-time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices,” he said. “In fact, the credit is working better than first projected – it now looks like we’ll have 2.3 to 2.4 million first-time buyers this year.”
The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows first-time buyers accounted for a record 47% share of home sales over the past year, up from 41% in the 2008 survey. The share has risen steadily since a cyclical low of 36% in 2006.
Existing-home sales are expected to total 5.01 million in 2009, a gain of 2.0% over last year, and then are forecast to rise 13.6% to 5.69 million in 2010. “A steady draw down of inventory will help home values to turn positive in 2010, but risks such as unemployment remain in the economy,” Yun said.
New-home sales are projected at 397,000 this year, recovering to 549,000 in 2010. Housing starts, including multifamily units, should total 564,000 units this year but grow to 752,000 in 2010.
The 30-year fixed-rate mortgage will probably average 5.3% in the fourth quarter, rising gradually to 5.8% by the end of next year. NAR’s housing affordability index will set a record in 2009, averaging 30 percentage points higher than 2008. Affordability will decline from record highs next year but will remain at historically attractive levels for home buyers.
“We’ve seen a steady downtrend in housing inventory for well over a year and home prices appear to be in the early stages of stabilizing. With the expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3 and 5% in 2010, but with wide geographic differences,” Yun said. He expects growth in the U.S. gross domestic product to be at a pace of 2.5% in the current quarter, with GDP up 2.8% in 2010.
The unemployment rate is close to peaking and is projected to ease to 9.5% by the end of next year.
“The size of the U.S. budget deficit is a concern going forward, and carries the risk of higher inflation. At this point, that risk appears to be restrained,” Yun said. Inflation, as measured by the Consumer Price Index, is seen contracting 0.4% this year, then rising 1.6% in 2010. Inflation-adjusted disposable personal income is estimated to grow 0.4% this year and 1.2% next year.
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Update on Bank owned homes available in Mission Viejo - For more information or to see these homes call Gail @ 949 422-4343. You can also visit www.viphousesearch.com to view more Bank owned, Foreclosed homes in other cities.
IRVINE, CA--(Marketwire - 10/28/09) - RealtyTrac? (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q3 2009 Metropolitan Foreclosure Market Report, which shows that cities in California, Florida and Nevada accounted for the 10 highest foreclosure rates in the third quarter among metro areas with a population of 200,000 or more.
But five of those Top 10 metro areas reported decreasing foreclosure activity from the third quarter of 2008, while many other metro areas with Top 50 foreclosure rates reported sharp increases in foreclosure activity.
"Rising unemployment and a new variety of mortgage resets continued to gradually shift the nation's foreclosure epicenters in the third quarter away from the hot spots of the last two years and toward some metro areas that had avoided the brunt of the first foreclosure wave," said James J. Saccacio, chief executive officer of RealtyTrac. "While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option ARMs are spreading the foreclosure flood to more metro areas in 2009."
New foreclosure hot spots flare up
Among the top 50 metro foreclosure rates, the three biggest year-over-year increases were in Boise City-Nampa, Idaho, and Provo-Orem and Salt Lake City in Utah. In several states the largest increases were posted in cities not previously a focal point for foreclosure activity. The Chico metro area posted the biggest year-over-year increase in California, with foreclosure activity up 98 percent from the third quarter of 2008. The medium-sized metro about 100 miles north of Sacramento had a 12.8 percent unemployment rate in August, above the state and national averages.
A similar trend was seen in cities like Reno-Sparks, Nev., with an 80 percent year-over-year increase in foreclosure activity, Prescott, Ariz., with a 77 percent increase, Jacksonville, Fla., with a 64 percent increase, Rockford, Ill., with a 64 percent increase, and Lansing-East Lansing, Mich., with a 41 percent increase.
Top metro foreclosure rates
Las Vegas posted the nation's highest metro foreclosure rate, with 5.13 percent (one in 20) of its housing units receiving a foreclosure filing during the quarter -- nearly seven times the national average. A total of 40,408 Las Vegas properties received a foreclosure filing during the quarter, an increase of nearly 9 percent from the previous quarter and an increase of nearly 54 percent from the third quarter of 2008.
Despite a 13 percent decrease in foreclosure activity from the previous quarter, Merced, Calif., posted the nation's second highest foreclosure rate, with 3.72 percent (one in 27) of its housing units receiving a foreclosure filing during the third quarter. A total of 3,092 Merced properties received a foreclosure filing during the quarter, down 11 percent from the third quarter of 2008.
Foreclosure activity in the Cape Coral-Fort Myers metro area in Florida also decreased from the previous quarter and from the third quarter of 2008, but the metro area still registered the nation's third highest metro foreclosure rate -- with 3.67 percent (one in 27) of its housing units receiving a foreclosure filing during the quarter. A total of 13,206 Cape Coral-Fort Myers properties received a foreclosure filing during the quarter, a decrease of 5 percent from the previous quarter and down 2 percent from the third quarter of 2008.
Other metro areas in the top 10 were the California cities of Stockton (3.53 percent), Modesto (3.39 percent), Riverside-San Bernardino (3.37 percent), Bakersfield (2.88 percent), and Vallejo-Fairfield (2.85 percent), along with the Reno-Sparks metro area in Nevada (2.67 percent) and the Florida metro areas of Port St. Lucie (2.63 percent) and Orlando-Kissimmee (2.57 percent).
Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the third quarter of 2009. Data is also available at the individual county level and MSA level. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the quarter, only the most recent filing is counted in the report.
? U.S. Metro Foreclosure Market Data - Q3 2009 Properties 1/ % % with % every change change Rate FC Housing X from from Rank Metro Name Filings Units HU Q2 2009 Q3 2008 --- -------------------------- ------- ---- ----- -------- --------- -- U.S. Total 937,840 0.73 136 5.40 22.50 --- -------------------------- ------- ---- ----- -------- --------- 1 Las Vegas-Paradise, NV Total 40,408 5.13 20 8.82 53.62 --- -------------------------- ------- ---- ----- -------- --------- 2 Merced, CA Total 3,092 3.72 27 -13.32 -11.12 --- -------------------------- ------- ---- ----- -------- --------- 3 Cape Coral-Fort Myers, FL Total 13,206 3.67 27 -5.19 -2.19 --- -------------------------- ------- ---- ----- -------- --------- 4 Stockton, CA Total 8,000 3.53 28 1.63 -3.05 --- -------------------------- ------- ---- ----- -------- --------- 5 Modesto, CA Total 5,883 3.39 30 -3.03 -0.12 --- -------------------------- ------- ---- ----- -------- --------- 6 Riverside-San Bernardino- Ontario, CA Total 48,416 3.37 30 -7.91 11.83 --- -------------------------- ------- ---- ----- -------- --------- 7 Bakersfield, CA Total 7,753 2.88 35 -7.64 14.25 --- -------------------------- ------- ---- ----- -------- --------- 8 Vallejo-Fairfield, CA Total 4,266 2.85 35 -3.83 -3.37 --- -------------------------- ------- ---- ----- -------- --------- 9 Reno-Sparks, NV Total 4,787 2.67 37 14.17 80.44 --- -------------------------- ------- ---- ----- -------- --------- 10 Port St. Lucie, FL Total 5,434 2.63 38 28.19 40.05 --- -------------------------- ------- ---- ----- -------- --------- 11 Orlando-Kissimmee, FL Total 22,700 2.57 39 5.07 41.92 --- -------------------------- ------- ---- ----- -------- --------- 12 Phoenix-Mesa-Scottsdale, AZ Total 40,566 2.43 41 4.72 18.56 --- -------------------------- ------- ---- ----- -------- --------- 13 Sacramento--Arden-Arcade-- Roseville, CA Total 19,068 2.25 44 1.89 19.10 --- -------------------------- ------- ---- ----- -------- --------- 14 Miami-Fort Lauderdale- Pompano Beach, FL Total 53,710 2.23 45 -5.20 34.67 --- -------------------------- ------- ---- ----- -------- --------- 15 Fresno, CA Total 5,860 1.93 52 -7.75 16.48 --- -------------------------- ------- ---- ----- -------- --------- 16 Salinas, CA Total 2,537 1.82 55 -8.38 -20.89 --- -------------------------- ------- ---- ----- -------- --------- 17 Visalia-Porterville, CA Total 2,439 1.80 56 -9.16 26.24 --- -------------------------- ------- ---- ----- -------- --------- 18 Lakeland, FL Total 4,907 1.77 57 11.32 41.49 --- -------------------------- ------- ---- ----- -------- --------- 19 Boise City-Nampa, ID Total 4,157 1.76 57 22.16 141.55* --- -------------------------- ------- ---- ----- -------- --------- 20 San Diego-Carlsbad-San Marcos, CA Total 18,519 1.63 61 -5.09 7.21 --- -------------------------- ------- ---- ----- -------- --------- 21 Provo-Orem, UT Total 2,316 1.63 61 10.87 119.94 --- -------------------------- ------- ---- ----- -------- --------- 22 Oxnard-Thousand Oaks- Ventura, CA Total 4,434 1.63 61 0.50 17.15 --- -------------------------- ------- ---- ----- -------- --------- 23 Los Angeles-Long Beach- Santa Ana, CA Total 69,403 1.58 63 2.07 32.38 --- -------------------------- ------- ---- ----- -------- --------- 24 Naples-Marco Island, FL Total 2,997 1.56 64 -15.65 -4.49 --- -------------------------- ------- ---- ----- -------- --------- 25 Deltona-Daytona Beach- Ormond Beach, FL Total 3,697 1.50 67 -6.81 27.70 --- -------------------------- ------- ---- ----- -------- --------- 26 Jacksonville, FL Total 8,654 1.48 68 1.80 63.50 --- -------------------------- ------- ---- ----- -------- --------- 27 Ocala, FL Total 2,342 1.47 68 -10.85 31.06 --- -------------------------- ------- ---- ----- -------- --------- 28 Santa Rosa-Petaluma, CA Total 2,898 1.47 68 2.04 19.51 --- -------------------------- ------- ---- ----- -------- --------- 29 Prescott, AZ Total 1,508 1.44 69 3.86 76.58 --- -------------------------- ------- ---- ----- -------- --------- 30 Sarasota-Bradenton-Venice, FL Total 5,528 1.42 71 -0.11 -6.59 --- -------------------------- ------- ---- ----- -------- --------- 31 Palm Bay-Melbourne- Titusville, FL Total 3,709 1.40 71 11.62 10.32 --- -------------------------- ------- ---- ----- -------- --------- 32 San Francisco-Oakland- Fremont, CA Total 22,876 1.35 74 6.56 22.06 --- -------------------------- ------- ---- ----- -------- --------- 33 Greeley, CO Total 1,234 1.33 75 9.01 23.52 --- -------------------------- ------- ---- ----- -------- --------- 34 Tampa-St. Petersburg- Clearwater, FL Total 17,012 1.29 77 -6.13 -4.99 --- -------------------------- ------- ---- ----- -------- --------- 35 San Jose-Sunnyvale-Santa Clara, CA Total 8,185 1.29 77 2.68 28.76 --- -------------------------- ------- ---- ----- -------- --------- 36 Fayetteville-Springdale- Rogers, AR-MO Total 2,250 1.23 82 4.65 53.27* --- -------------------------- ------- ---- ----- -------- --------- 37 Chico, CA Total 1,156 1.22 82 33.80 97.61 --- -------------------------- ------- ---- ----- -------- --------- 38 Santa Barbara-Santa Maria-Goleta, CA Total 1,790 1.18 85 11.39 5.85 --- -------------------------- ------- ---- ----- -------- --------- 39 Atlanta-Sandy Springs- Marietta, GA Total 24,787 1.17 85 4.88 13.90 --- -------------------------- ------- ---- ----- -------- --------- 40 Detroit-Warren-Livonia, MI Total** 21,978 1.16 86 7.35 1.89 --- -------------------------- ------- ---- ----- -------- --------- 41 Salt Lake City, UT Total 4,231 1.08 93 28.52 105.19 --- -------------------------- ------- ---- ----- -------- --------- 42 Tucson, AZ Total 4,430 1.04 96 1.12 53.13 --- -------------------------- ------- ---- ----- -------- --------- 43 San Luis Obispo-Paso Robles, CA Total 1,155 1.00 100 1.76 53.18 --- -------------------------- ------- ---- ----- -------- --------- 44 Santa Cruz-Watsonville, CA Total 1,015 0.99 101 -11.51 12.40 --- -------------------------- ------- ---- ----- -------- --------- 45 Flint, MI Total** 1,787 0.91 110 5.61 25.93 --- -------------------------- ------- ---- ----- -------- --------- 46 Washington-Arlington- Alexandria, DC-VA-MD-WV Total 19,318 0.91 110 22.22 9.25 --- -------------------------- ------- ---- ----- -------- --------- 47 Denver-Aurora, CO Total 9,235 0.89 113 5.48 -1.58 --- -------------------------- ------- ---- ----- -------- --------- 48 Chicago-Naperville-Joliet, IL-IN-WI Total 33,065 0.88 113 6.79 28.46 --- -------------------------- ------- ---- ----- -------- --------- 49 Rockford, IL Total 1,224 0.85 117 24.14 63.86 --- -------------------------- ------- ---- ----- -------- --------- 50 Lansing-East Lansing, MI Total** 1,653 0.84 119 4.95 40.92 --- -------------------------- ------- ---- ----- -------- --------- 51 Pensacola-Ferry Pass- Brent, FL Total 1,637 0.83 120 13.05 23.27 --- -------------------------- ------- ---- ----- -------- --------- 52 Fort Collins-Loveland, CO Total 1,027 0.81 124 64.58 63.28 --- -------------------------- ------- ---- ----- -------- --------- 53 Cleveland-Elyria-Mentor, OH Total 7,309 0.77 129 11.30 -1.04 --- -------------------------- ------- ---- ----- -------- --------- 54 Grand Rapids-Wyoming, MI Total** 2,415 0.76 132 8.93 25.52 --- -------------------------- ------- ---- ----- -------- --------- 55 Memphis, TN-MS-AR Total 4,125 0.75 133 -4.11 -19.90 --- -------------------------- ------- ---- ----- -------- --------- 56 Colorado Springs, CO Total 1,926 0.75 133 1.21 15.95 --- -------------------------- ------- ---- ----- -------- --------- 57 Ogden-Clearfield, UT Total 1,317 0.74 134 -17.17 50.34 --- -------------------------- ------- ---- ----- -------- --------- 58 Minneapolis-St. Paul- Bloomington, MN-WI Total 9,767 0.74 136 13.54 98.68 --- -------------------------- ------- ---- ----- -------- --------- 59 Holland-Grand Haven, MI Total** 718 0.72 140 25.09 124.38 --- -------------------------- ------- ---- ----- -------- --------- 60 Atlantic City, NJ Total 885 0.70 143 33.28 9.26 --- -------------------------- ------- ---- ----- -------- --------- 61 Tulsa, OK Total 2,764 0.70 144 63.84 54.33* --- -------------------------- ------- ---- ----- -------- --------- 62 Portland-Vancouver- Beaverton, OR-WA Total 6,123 0.69 145 4.88 78.36 --- -------------------------- ------- ---- ----- -------- --------- 63 Indianapolis-Carmel, IN Total 5,074 0.68 147 -15.26 -15.84 --- -------------------------- ------- ---- ----- -------- --------- 64 Canton-Massillon, OH Total 1,193 0.67 149 -10.70 -8.16 --- -------------------------- ------- ---- ----- -------- --------- 65 Toledo, OH Total 1,922 0.64 156 -5.69 -3.27 --- -------------------------- ------- ---- ----- -------- --------- 66 Worcester, MA Total 1,990 0.63 159 23.83 21.42 --- -------------------------- ------- ---- ----- -------- --------- 67 Salem, OR Total 913 0.62 160 4.58 77.97 --- -------------------------- ------- ---- ----- -------- --------- 68 Cincinnati-Middletown, OH-KY-IN Total 5,461 0.60 167 8.55 0.53 --- -------------------------- ------- ---- ----- -------- --------- 69 Charleston-North Charleston, SC Total 1,693 0.60 167 -0.06 11.16 --- -------------------------- ------- ---- ----- -------- --------- 70 Ann Arbor, MI Total** 880 0.60 167 20.05 -12.70 --- -------------------------- ------- ---- ----- -------- --------- 71 Charlotte-Gastonia- Concord, NC-SC Total 4,231 0.60 167 46.30 33.81 --- -------------------------- ------- ---- ----- -------- --------- 72 Savannah, GA Total 850 0.59 169 10.25 77.45 --- -------------------------- ------- ---- ----- -------- --------- 73 Milwaukee-Waukesha-West Allis, WI Total 3,833 0.58 171 2.73 24.61 --- -------------------------- ------- ---- ----- -------- --------- 74 Kansas City, MO-KS Total 4,960 0.58 174 26.92 15.43? --- -------------------------- ------- ---- ----- -------- --------- 75 Gainesville, FL Total 654 0.57 176 9.73 64.74 --- -------------------------- ------- ---- ----- -------- --------- 76 Green Bay, WI Total 758 0.56 177 8.75 149.34* --- -------------------------- ------- ---- ----- -------- --------- 77 Little Rock-North Little Rock-Conway, AR Total 1,605 0.55 183 44.46 35.79* --- -------------------------- ------- ---- ----- -------- --------- 78 Macon, GA Total 558 0.54 184 -14.02 6.08 --- -------------------------- ------- ---- ----- -------- --------- 79 Trenton-Ewing, NJ Total 760 0.54 185 46.15 -20.83 --- -------------------------- ------- ---- ----- -------- --------- 80 Jackson, MS Total 1,189 0.54 185 63.10 599.41* --- -------------------------- ------- ---- ----- -------- --------- 81 Akron, OH Total 1,637 0.53 188 -4.77 -46.69 --- -------------------------- ------- ---- ----- -------- --------- 82 Columbus, OH Total 4,102 0.53 188 -28.83 -33.19 --- -------------------------- ------- ---- ----- -------- --------- 83 Birmingham-Hoover, AL Total 2,622 0.53 190 -1.35 336.27* --- -------------------------- ------- ---- ----- -------- --------- 84 Greenville-Mauldin-Easley, SC Total 1,412 0.53 190 16.41 176.86* --- -------------------------- ------- ---- ----- -------- --------- 85 Tallahassee, FL Total 832 0.52 191 1.96 47.52 --- -------------------------- ------- ---- ----- -------- --------- 86 Dayton, OH Total 1,931 0.51 197 -24.36 -20.86 --- -------------------------- ------- ---- ----- -------- --------- 87 Youngstown-Warren- Boardman, OH-PA Total 1,316 0.50 199 4.94 25.69 --- -------------------------- ------- ---- ----- -------- --------- 88 Saginaw-Saginaw Township North, MI Total** 433 0.49 205 0.46 9.34 --- -------------------------- ------- ---- ----- -------- --------- 89 Bremerton-Silverdale, WA Total 488 0.48 207 11.93 40.63 --- -------------------------- ------- ---- ----- -------- --------- 90 Baltimore-Towson, MD Total 5,330 0.48 208 109.84 95.74 --- -------------------------- ------- ---- ----- -------- --------- 91 Kalamazoo-Portage, MI Total** 684 0.47 211 -7.07 31.29 --- -------------------------- ------- ---- ----- -------- --------- 92 Fort Wayne, IN Total 825 0.46 216 -14.06 -35.34 --- -------------------------- ------- ---- ----- -------- --------- 93 Springfield, MA Total 1,312 0.46 216 34.29 94.08 --- -------------------------- ------- ---- ----- -------- --------- 94 St. Louis, MO-IL Total 5,701 0.46 216 25.43 -12.63? --- -------------------------- ------- ---- ----- -------- --------- 95 Seattle-Tacoma-Bellevue, WA Total 6,495 0.46 217 -11.21 37.75 --- -------------------------- ------- ---- ----- -------- --------- 96 Dallas-Fort Worth- Arlington, TX Total 10,700 0.45 221 4.85 7.86 --- -------------------------- ------- ---- ----- -------- --------- 97 Columbia, SC Total 1,401 0.45 222 9.11 77.34 --- -------------------------- ------- ---- ----- -------- --------- 98 Boulder, CO Total 551 0.45 224 34.39 45.77 --- -------------------------- ------- ---- ----- -------- --------- 99 Mobile, AL Total 791 0.44 226 -10.01 82.68* --- -------------------------- ------- ---- ----- -------- --------- 100 Boston-Cambridge-Quincy, MA-NH Total 7,962 0.44 229 9.96 19.46 --- -------------------------- ------- ---- ----- -------- --------- 101 Richmond, VA Total 2,215 0.43 230 24.37 89.97 --- -------------------------- ------- ---- ----- -------- --------- 102 Reading, PA Total 690 0.43 232 10.40 16.16 --- -------------------------- ------- ---- ----- -------- --------- 103 Brownsville-Harlingen, TX Total 613 0.43 235 29.05 -1.61 --- -------------------------- ------- ---- ----- -------- --------- 104 Chattanooga, TN-GA Total 971 0.43 235 4.41 12.38?? --- -------------------------- ------- ---- ----- -------- --------- 105 Barnstable Town, MA Total 661 0.42 235 43.07 119.60 --- -------------------------- ------- ---- ----- -------- --------- 106 Eugene-Springfield, OR Total 632 0.42 236 3.44 62.05 --- -------------------------- ------- ---- ----- -------- --------- 107 Greensboro-High Point, NC Total 1,310 0.42 238 19.31 18.44 --- -------------------------- ------- ---- ----- -------- --------- 108 Virginia Beach-Norfolk- Newport News, VA-NC Total 2,850 0.42 239 -0.07 35.39? --- -------------------------- ------- ---- ----- -------- --------- 109 Myrtle Beach-Conway-North Myrtle Beach, SC Total 703 0.42 239 -6.89 166.29* --- -------------------------- ------- ---- ----- -------- --------- 110 Philadelphia-Camden- Wilmington, PA-NJ-DE-MD Total 9,912 0.42 241 28.23 10.95 --- -------------------------- ------- ---- ----- -------- --------- 111 Des Moines-West Des Moines, IA Total 976 0.41 241 49.24 84.15* --- -------------------------- ------- ---- ----- -------- --------- 112 Austin-Round Rock, TX Total 2,641 0.41 242 59.10 74.78 --- -------------------------- ------- ---- ----- -------- --------- 113 Albuquerque, NM Total 1,447 0.41 244 9.70 73.09* --- -------------------------- ------- ---- ----- -------- --------- 114 Hagerstown-Martinsburg, MD-WV Total 460 0.41 245 39.39 109.09 --- -------------------------- ------- ---- ----- -------- --------- 115 New Orleans-Metairie- Kenner, LA Total 1,797 0.41 246 8.25 46.93 --- -------------------------- ------- ---- ----- -------- --------- 116 Appleton, WI Total 367 0.41 246 58.87 149.66* --- -------------------------- ------- ---- ----- -------- --------- 117 Louisville/Jefferson County, KY-IN Total 2,217 0.41 246 10.46 7.26 --- -------------------------- ------- ---- ----- -------- --------- 118 South Bend-Mishawaka, IN-MI Total 562 0.40 248 -1.40 -25.37 --- -------------------------- ------- ---- ----- -------- --------- 119 Nashville-Davidson-- Murfreesboro--Franklin, TN Total 2,572 0.40 249 17.60 3.21?? --- -------------------------- ------- ---- ----- -------- --------- 120 New Haven-Milford, CT Total 1,396 0.40 250 62.70 0.50 --- -------------------------- ------- ---- ----- -------- --------- 121 McAllen-Edinburg-Mission, TX Total 986 0.40 251 1,197.37 101.22 --- -------------------------- ------- ---- ----- -------- --------- 122 Bridgeport-Stamford- Norwalk, CT Total 1,394 0.40 251 78.72 6.66 --- -------------------------- ------- ---- ----- -------- --------- 123 Providence-New Bedford- Fall River, RI-MA Total 2,679 0.40 252 2.68 20.95 --- -------------------------- ------- ---- ----- -------- --------- 124 Houston-Sugar Land- Baytown, TX Total 8,482 0.39 256 1.48 -8.12 --- -------------------------- ------- ---- ----- -------- --------- 125 Winston-Salem, NC Total 804 0.39 257 15.52 -23.28 --- -------------------------- ------- ---- ----- -------- --------- 126 Anchorage, AK Total 543 0.39 258 39.95 29.90 --- -------------------------- ------- ---- ----- -------- --------- 127 Augusta-Richmond County, GA-SC Total 832 0.37 272 18.01 20.23 --- -------------------------- ------- ---- ----- -------- --------- 128 San Antonio, TX Total 2,764 0.37 274 4.50 20.23 --- -------------------------- ------- ---- ----- -------- --------- 129 Allentown-Bethlehem- Easton, PA-NJ Total 1,209 0.36 276 15.25 93.13* --- -------------------------- ------- ---- ----- -------- --------- 130 York-Hanover, PA Total 627 0.36 278 -23.07 24.90 --- -------------------------- ------- ---- ----- -------- --------- 131 Sioux Falls, SD Total 329 0.36 278 116.45 196.40 --- -------------------------- ------- ---- ----- -------- --------- 132 Killeen-Temple-Fort Hood, TX Total 521 0.36 279 6.33 68.61 --- -------------------------- ------- ---- ----- -------- --------- 133 Honolulu, HI Total 1,186 0.35 282 24.84 85.89 --- -------------------------- ------- ---- ----- -------- --------- 134 Columbus, GA-AL Total 453 0.35 283 24.79 24.45 --- -------------------------- ------- ---- ----- -------- --------- 135 Manchester-Nashua, NH Total 558 0.34 290 -16.72 -15.96 --- -------------------------- ------- ---- ----- -------- --------- 136 Springfield, MO Total 623 0.34 294 0.00 0.48? --- -------------------------- ------- ---- ----- -------- --------- 137 Raleigh-Cary, NC Total 1,428 0.34 298 17.63 11.65 --- -------------------------- ------- ---- ----- -------- --------- 138 New York-Northern New Jersey-Long Island, NY-NJ-PA Total 24,715 0.33 299 29.43 14.69 --- -------------------------- ------- ---- ----- -------- --------- 139 Olympia, WA Total 332 0.33 302 -19.22 17.31 --- -------------------------- ------- ---- ----- -------- --------- 140 Wichita, KS Total 851 0.33 303 13.92 51.69 --- -------------------------- ------- ---- ----- -------- --------- 141 Madison, WI Total 803 0.33 307 5.66 130.09* --- -------------------------- ------- ---- ----- -------- --------- 142 Norwich-New London, CT Total 368 0.32 317 102.20 21.45 --- -------------------------- ------- ---- ----- -------- --------- 143 Oklahoma City, OK Total 1,639 0.31 318 79.13 -12.17 --- -------------------------- ------- ---- ----- -------- --------- 144 Montgomery, AL Total 486 0.31 322 -26.92 115.04* --- -------------------------- ------- ---- ----- -------- --------- 145 Knoxville, TN Total 950 0.31 325 9.70 0.53?? --- -------------------------- ------- ---- ----- -------- --------- 146 Davenport-Moline-Rock Island, IA-IL Total 500 0.30 330 25.00 33.69 --- -------------------------- ------- ---- ----- -------- --------- 147 Topeka, KS Total 307 0.30 336 42.13 60.73 --- -------------------------- ------- ---- ----- -------- --------- 148 Hartford-West Hartford- East Hartford, CT Total 1,450 0.29 339 56.76 12.93 --- -------------------------- ------- ---- ----- -------- --------- 149 Shreveport-Bossier City, LA Total 498 0.29 346 54.66 277.27* --- -------------------------- ------- ---- ----- -------- --------- 150 Fort Smith, AR-OK Total 350 0.28 352 -5.15 45.83* --- -------------------------- ------- ---- ----- -------- --------- 151 Amarillo, TX Total 271 0.28 362 -1.45 12.92 --- -------------------------- ------- ---- ----- -------- --------- 152 Baton Rouge, LA Total 855 0.27 375 7.68 129.22* --- -------------------------- ------- ---- ----- -------- --------- 153 Yakima, WA Total 220 0.27 376 59.42 84.87 --- -------------------------- ------- ---- ----- -------- --------- 154 Roanoke, VA Total 362 0.26 385 -16.97 1,192.86* --- -------------------------- ------- ---- ----- -------- --------- 155 Huntsville, AL Total 433 0.26 386 -22.12 108.17* --- -------------------------- ------- ---- ----- -------- --------- 156 Waco, TX Total 229 0.25 401 18.65 44.03 --- -------------------------- ------- ---- ----- -------- --------- 157 Pittsburgh, PA Total 2,671 0.24 414 -17.64 -20.34 --- -------------------------- ------- ---- ----- -------- --------- 158 Clarksville, TN-KY Total 246 0.23 442 -3.91 -17.17?? --- -------------------------- ------- ---- ----- -------- --------- 159 Cedar Rapids, IA Total 247 0.22 450 12.79 30.00 --- -------------------------- ------- ---- ----- -------- --------- 160 Lancaster, PA Total 409 0.21 474 -11.28 25.08 --- -------------------------- ------- ---- ----- -------- --------- 161 Corpus Christi, TX Total 361 0.21 487 7.76 -9.75 --- -------------------------- ------- ---- ----- -------- --------- 162 Buffalo-Niagara Falls, NY Total 1,068 0.21 488 15.84 -29.27 --- -------------------------- ------- ---- ----- -------- --------- 163 Gulfport-Biloxi, MS Total 218 0.20 492 139.56 1,457.14* --- -------------------------- ------- ---- ----- -------- --------- 164 Springfield, IL Total 193 0.20 498 44.03 -8.53 --- -------------------------- ------- ---- ----- -------- --------- 165 Laredo, TX Total 138 0.20 502 2.22 32.69 --- -------------------------- ------- ---- ----- -------- --------- 166 Omaha-Council Bluffs, NE-IA Total 693 0.20 506 41.14 -28.56 --- -------------------------- ------- ---- ----- -------- --------- 167 Lafayette, LA Total 216 0.20 512 91.15 129.79* --- -------------------------- ------- ---- ----- -------- --------- 168 Peoria, IL Total 316 0.19 515 19.25 -28.83 --- -------------------------- ------- ---- ----- -------- --------- 169 Champaign-Urbana, IL Total 184 0.19 529 31.43 75.24 --- -------------------------- ------- ---- ----- -------- --------- 170 Rochester, NY Total 758 0.17 583 -4.05 -32.56 --- -------------------------- ------- ---- ----- -------- --------- 171 Erie, PA Total 191 0.16 618 9.14 -21.72 --- -------------------------- ------- ---- ----- -------- --------- 172 Spartanburg, SC Total 188 0.16 642 18.99 -52.76 --- -------------------------- ------- ---- ----- -------- --------- 173 Binghamton, NY Total 172 0.16 643 -15.27 -1.71 --- -------------------------- ------- ---- ----- -------- --------- 174 Scranton--Wilkes-Barre, PA Total 396 0.15 652 43.48 -17.15 --- -------------------------- ------- ---- ----- -------- --------- 175 Harrisburg-Carlisle, PA Total 351 0.15 657 4.78 122.15 --- -------------------------- ------- ---- ----- -------- --------- 176 Evansville, IN-KY Total 241 0.15 662 10.55 -46.33 --- -------------------------- ------- ---- ----- -------- --------- 177 Lexington-Fayette, KY Total 296 0.15 685 16.08 -21.69 --- -------------------------- ------- ---- ----- -------- --------- 178 Poughkeepsie-Newburgh- Middletown, NY Total 355 0.14 693 -54.37 -64.43 --- -------------------------- ------- ---- ----- -------- --------- 179 Portland-South Portland- Biddeford, ME Total 352 0.14 723 0.28 -5.12 --- -------------------------- ------- ---- ----- -------- --------- 180 Beaumont-Port Arthur, TX Total 222 0.14 726 25.42 5.71 --- -------------------------- ------- ---- ----- -------- --------- 181 Duluth, MN-WI Total 185 0.14 740 25.00 -22.92 --- -------------------------- ------- ---- ----- -------- --------- 182 El Paso, TX Total 338 0.13 749 -30.88 -23.36 --- -------------------------- ------- ---- ----- -------- --------- 183 Houma-Bayou Cane- Thibodaux, LA Total 102 0.12 801 75.86 1,033.33* --- -------------------------- ------- ---- ----- -------- --------- 184 Durham, NC Total 264 0.12 808 -42.86 -61.40 --- -------------------------- ------- ---- ----- -------- --------- 185 Huntington-Ashland, WV-KY-OH Total 161 0.12 822 19.26 75.00 --- -------------------------- ------- ---- ----- -------- --------- 186 Wilmington, NC Total 226 0.12 866 41.25 -37.05 --- -------------------------- ------- ---- ----- -------- --------- 187 Albany-Schenectady-Troy, NY Total 424 0.11 895 31.68 -23.33 --- -------------------------- ------- ---- ----- -------- --------- 188 Hickory-Lenoir-Morganton, NC Total 175 0.11 899 68.27 -25.85 --- -------------------------- ------- ---- ----- -------- --------- 189 Spokane, WA Total 198 0.10 985 23.75 -46.92 --- -------------------------- ------- ---- ----- -------- --------- 190 Tuscaloosa, AL Total 96 0.10 989 92.00 128.57* --- -------------------------- ------- ---- ----- -------- --------- 191 Lubbock, TX Total 105 0.09 1,123 10.53 -39.66 --- -------------------------- ------- ---- ----- -------- --------- 192 Kingsport-Bristol-Bristol, TN-VA Total 122 0.08 1,191 -9.63 12.96 --- -------------------------- ------- ---- ----- -------- --------- 193 Longview, TX Total 64 0.08 1,324 -59.24 33.33 --- -------------------------- ------- ---- ----- -------- --------- 194 Asheville, NC Total 141 0.07 1,415 98.59 -32.54 --- -------------------------- ------- ---- ----- -------- --------- 195 Syracuse, NY Total 164 0.06 1,741 43.86 -40.79 --- -------------------------- ------- ---- ----- -------- --------- 196 Charleston, WV Total 82 0.06 1,773 26.15 241.67* --- -------------------------- ------- ---- ----- -------- --------- 197 College Station-Bryan, TX Total 46 0.05 1,886 53.33 12.20 --- -------------------------- ------- ---- ----- -------- --------- 198 Kennewick-Richland-Pasco, WA Total 39 0.05 2,195 18.18 -72.14 --- -------------------------- ------- ---- ----- -------- --------- 199 Lincoln, NE Total 51 0.04 2,417 240.00 -69.09 --- -------------------------- ------- ---- ----- -------- --------- 200 Lynchburg, VA Total 41 0.04 2,631 -59.00 173.33 --- -------------------------- ------- ---- ----- -------- --------- 201 Fayetteville, NC Total 52 0.03 2,902 -42.86 -88.39 --- -------------------------- ------- ---- ----- -------- --------- 202 Burlington-South Burlington, VT Total 20 0.02 4,436 400.00 233.33* --- -------------------------- ------- ---- ----- -------- --------- 203 Utica-Rome, NY Total 25 0.02 5,441 127.27 -3.85 --- -------------------------- ------- ---- ----- -------- --------- * Actual increase may not be as high due to data collection changes or improvements ** Collection of records classified as NOD began in August 2009 because of change in state law ? Collection of some records previously classified as NOD in this MSA was discontinued starting in January 2009 ?? Collection of some records previously classified as NOD in this MSA was discontinued starting in September 2008
About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac's foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.
Visit www.viphousesearch.com to search for Bank owned homes for sale or call Gail at 949 422-4343 for a list in the cities that interest you.
There are currently;
- 9 Bank owned properties for sale in Mission Viejo.
- 71 !!!!! short sale properties for sale.
- 299 properties currently in escrow including bank owned, equity sales and short sales.
It looks like the local market is extremely active and inventory is picking up.
Go to www.viphousesearch.com or view photos and details of homes currently for sale.
RISMEDIA, June 24, 2009-Historically, the value of real estate goes through cycles. Many factors affect the value of homes including the laws of “supply and demand.” From the Appraisal Institute, here’s a quick reference guide to some of the factors involved and advice on how to spot a turning point in the market:
1. A spike in local sales activity. A spike refers to a significant rise in the number of home sales (or values) in a local market area, which generally is measured month to month. A spike does not necessarily mean continued growth, i.e. it could be a one month phenomenon.
2. Higher asking and selling prices vs. appraisal value opinions for residential properties. Appraisers study the markets; they do not make the markets. When the data shows higher sale prices in comparable properties market value opinions will increase proportionally. Appraisers seek evidence of value but do not create the value. In time periods with low activity, evidence of any kind is difficult to find.
3. More activity at open houses. Open houses with five to eight attendees is considered average, so a dozen or more people attending an open house means buyer interest is picking up. Also, the mood of the attendees is important. Are they optimist and upbeat? Buyers interest alone does not always translate to effective purchasing power. If the number of buyers in the market increases but they do not have requisite down payments, the sales may still not occur.
4. Shorter marketing times. In some markets, houses have been up for sale for more than a year. In most balanced residential markets, properties that are priced competitively will typically sell in less than six months. If the Days On Market (DOM) is shortening, many practitioners will read an improvement in the market.
5. Reduced number of foreclosures and short sales. A reduction in these transactions commonly signals a more balanced market. If lenders are reluctant to foreclose because of an oversupply of inventory, they may choose to wait to repossess the properties, which could allow a spike in the number of foreclosures later despite a better market condition.
6. Stabilized employment. Stable or increasing employment rates provide the necessary confidence for potential buyers to invest in a home. Since most buyers rely on borrowed funds to make real estate purchases and borrowing money usually requires a source of repayment and that usually means jobs, an increase in this basic need, will enable more real estate sales.
7. Fewer buyer incentives and seller concessions. Seller-paid incentives or concessions are a sign of seller motivation. If there are fewer builders offering “free” upgrades and fewer sellers sweetening the deal with big screen TVs, it may be a sign of lessening supply and therefore a better market.
8. New construction starts. Most builders are quite attune to their markets and will not build new homes without a corresponding contract for sale or a perceived increase in demand. An increase in the number of building permits usually indicates higher demand and higher prices. If residential properties are selling for 25% less than they cost to build, only a few new homes will be built. It would be prudent to buy an existing home rather than build a new one for a much higher price.
9. “Move-up” buyers entering the market. More buyers willing to move to a larger or superior quality home indicates a healthy market. The lack of buyers at the lower end of the price range will have a chain reaction throughout the market. If a buyer for a high priced home has a lower priced home to sell first, the sale of the higher priced home may have to occur before the higher priced one can sell.
10. Apartments advertising renter specials - fewer renters in the market may indicate more people are moving into owner occupied homes or it could indicate a reduction in population. Lower population will cause an oversupply of housing which will oftentimes permeate throughout several markets.
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Mission Viejo Bank owned homes..
There are currently only 7 Bank owned homes for sale in Mission Viejo including condos. See below for details. If you are interesting in seeing Bank owned homes for sale in other cities call Gail @ 949 422-4343 for a list.
RISMEDIA, June 24, 2009-Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the National Association of Realtors®. May’s increase was the first back-to-back monthly gain since September 2005.
Existing-home sales-including single-family, townhomes, condominiums and co-ops-rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008.
Lawrence Yun, NAR chief economist, expected an improvement. “Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates,” he said. “First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory. However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 4.86% in May from a record low 4.81% in April; the rate was 6.04% in May 2008. Last week, Freddie Mac reported the 30-year fixed at 5.38%; data collection began in 1971.
Total housing inventory at the end of May fell 3.5% to 3.80 million existing homes available for sale, which represents a 9.6-month supply2 at the current sales pace, down from a 10.1-month supply in April.
Yun said the appraisal problem is serious. “Lenders are using appraisers who may not be familiar with a neighborhood, or who compare traditional homes with distressed and discounted sales,” he said. “In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment. There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected.”
An NAR practitioner survey in May showed first-time buyers accounted for 29% of transactions, and that the number of buyers looking at homes is nearly 10 percentage points higher than a year ago. “This is the time of year when we see large increases in the number of repeat buyers, who are benefitting from sales to entry-level buyers,” Yun said. “Investors appear less active, but are more prevalent in areas with large price corrections.”
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said appraisals and the tax credit are key issues. “To maximize the potential for a housing recovery and subsequent economic recovery, we need realistic appraisals that are based on proper comparisons and done by a local specialist,” he said. “In addition, the first-time buyer tax credit should be expanded to all buyers of primary homes regardless of income. Extending the credit into 2010 would allow more time for the market to catch up with underlying demand, in part because many families with children, who normally time their purchase based on school year considerations, do not have enough time to move before the start of school in late August.
“Freeing a pent-up demand in housing will absorb inventory at a faster pace, strengthen communities and stabilize home prices earlier,” McMillan said.
The national median existing-home price3 for all housing types was $173,000 in May, down 16.8% from a year earlier. Distressed properties, which declined to 33% of all sales in May from 45% in April, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
“The decline in the distressed sales share likely results from an increase of repeat buyers in May,” Yun said. “First-time buyers are concentrated in the lower price ranges, which include most of the distressed sales.”
Single-family home sales rose 1.9% to a seasonally adjusted annual rate of 4.25 million in May from a pace of 4.17 million in April, but are 3.0% below the 4.38 million-unit level in May 2008. The median existing single-family home price was $172,900 in May, down 16.1% from a year ago.
Existing condominium and co-op sales increased 6.1% to a seasonally adjusted annual rate of 520,000 units in May from 490,000 in April, but are 8.9% below the 571,000-unit level in May 2008. The median existing condo price4 was $173,800 in May, down 21.9% from a year earlier.
Regionally, existing-home sales in the Northeast rose 3.9% to an annual level of 800,000 in May, but are 10.1% below a year ago. The median price in the Northeast was $243,600, which is 12.5% below May 2008.
Existing-home sales in the Midwest jumped 9.0% in May to a pace of 1.09 million but are 4.4% below May 2008. The median price in the Midwest was $145,800, which is 10.4% lower than a year ago.
In the South, existing-home sales were unchanged at an annual pace of 1.74 million in May but are 8.9% below a year ago. The median price in the South was $157,400, down 9.9% from May 2008.
Existing-home sales in the West slipped 0.9% to an annual rate of 1.14 million in May, but are 11.8% higher than May 2008. The median price in the West was $197,700, down 30.6% from a year ago.
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Mission Viejo REOs, Foreclosed homes for sale;
To see these bank owned homes call Gail @ 949 422-4343. Also feel free to call me for a list of Bank owned homes for sale in the cities of your choice. You can visit www.viphousesearch.com to search for Foreclosed homes.
If you have any questions about these homes, would like to see them, or want a list of Bank owned homes in other cities call Gail @ 949 422-4343.