Lake Elsinore Foreclosures Fuel Riverside County Foreclosures Sales
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Published: Friday, May 29, 2009
Riverside County home sales rose 28.2% in May, fueled in part by record numbers of Lake Elsinore foreclosures and other Riverside County bank homes. Foreclosure sales accounted for more than half of all home sales in the southland last month and although the figure is slightly down from the 53% foreclosure ratio in April, there seems to be little sign that foreclosure activity is slacking off in the Inland Empire. New foreclosures in Lake Elsinore accounted for 517 of the roughly 2,500 Lake Elsinore bank homes currently on the market, a 25% increase over April.
New Southwest Riverside County Foreclosures Mean Low Prices for Buyers
Despite media reports that foreclosures are slowing down and prices are climbing, in Southwest Riverside County foreclosures are on the upswing, keeping prices affordable and maintaining the buyers' market. Median home prices in Riverside County overall are approximately $180,000 while the median price among foreclosures is $176,710. In Lake Elsinore bank owned homes are selling for around $155,612, approximately $25,000 below market for traditional resale homes.
This is good news for buyers who have been holding back, waiting for the perfect time to buy a Riverside County bank owned home. Now is that time! Interest rates remain affordable in the mid 5's and with lenders regaining their financial strength through federal stimulus funds and increased sales of previous foreclosures, financing is readily available for most buyers.
Murrieta Foreclosures, Menifee Bank Homes Still Bargains
Prices among Murrieta bank homes and nearby Menifee foreclosures are also remaining low, creating a buying frenzy in these high demand areas. Median home prices in Murrieta are an affordable $227,475 and Menifee bank homes are selling even lower at $191,507. Considering most foreclosures listings in Murrieta and Menifee are less than 10 years old, come with oversize lots and sport top rated amenities like granite countertops and dual paned windows, these bargain prices may never be seen again!
Make your move to Riverside County today. ESoCalHomeSearch.com makes finding your next dream home fast and easy. Use our convenient search tool to view the many Southern California bank homes available and start living the good life today! Contact a foreclosure and bank owned home specialist at 1-951-415-3607.
Murrieta foreclosures and Temecula bank homes come in all shapes and sizes, with many including upscale amenities and large yards. The professionals at esocalhomesearch.com explain where to look for Riverside County foreclosures bargains.
Murrieta foreclosures and Lake Elsinore bank homes are bringing thousands of new residents to the Southwest Riverside County area, drawn by affordable prices and outstanding recreational facilities that offer something for everyone. From dog parks to equestrian centers, skate parks to skydiving, the foreclosure specialists at esocalhomesearch.com highlight some of the best amenities in the Southwest County.
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