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Category: Inspirational Current Grade: A Total Views: 1091 Member Comments: 1 |
Posted on: 10/20/2008 Posted by: JohnCorey Blog Points: 1666 View all blogs >> |
Oct. 20 (Bloomberg) -- Southern California home sales rose 65 percent in September, the biggest year-over-year increase in at least two decades, as buyers took advantage of foreclosures to purchase properties at discounted prices, MDA DataQuick said.
To read more see the bloomberg link.
http://www.bloomberg.com/apps/news?pid=20601087&sid=ag1qaHCv71r4&refer=home
John Corey
Real Estate Investor (REI) with over 20 years of experience. Multiple states and countries; present portfolio spans 11 time zones.
Always open to answering questions. See the contact page on my blog; link below.
Pay it forward.
http://www.ChelseaPrivateEquity.com/blog/
To read more see the bloomberg link.
http://www.bloomberg.com/apps/news?pid=20601087&sid=ag1qaHCv71r4&refer=home
John Corey
Real Estate Investor (REI) with over 20 years of experience. Multiple states and countries; present portfolio spans 11 time zones.
Always open to answering questions. See the contact page on my blog; link below.
Pay it forward.
http://www.ChelseaPrivateEquity.com/blog/
I am seeing increased competition in my targeted market also. I think the reason behind the home sale numbers and competition is owner-occupied buyers. Many of these bank owned properties are not lasting a week on the market.
I think it due to owner-occupied buyers looking for a great deal. If for what ever reason they sat out the boom and have been renting with good credit now they can get that place that was 300K in 2005 for 200K or less.
I have seen two REOs go last week to owner occupied buyers and they paid more than asking price. A duplex on Walker Street in Lowell MA was listed at $116K and in now under agreement for $176K. Not sure if they people will be able to get an apprasial to support $176K so it will be interesting to see if they close.
I talked to a couple real estate agents and they are now pricing the REOs below market to increase traffic and get people in the doors. These "teaser" prices are what is being bid up.