Record Low Interest Rates Make Riverside County Foreclosures Even More Affordable
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Published: Friday, May 01, 2009
Mortgage rates continued to fall in April, with 30 year fixed rate mortgages falling 4 points from March, down to their lowest rate average on record at just below 5%. Even the hybrid 5/1 fixed rate mortgage fell, to 5.25%. This is fantastic news for buyers who have been waiting to enter the Riverside County foreclosures market. While prices are at their lowest point in almost a decade, mortgage rates have held firm and kept many buyers from looking at those quality Murrieta foreclosures or Temecula bank homes they have been dreaming about. Now, with lower interest rates, even the most exclusive neighborhoods are suddenly affordable and buyers should act quickly before prices begin to climb, bringing mortgage rates up with them.
Murrieta Bank Homes Drawing Large Numbers of Buyer
Murrieta has been one of the more desirable communities in Riverside County for many years. In part because of its high quality school system and historically low crime rate (currently 37th safest city in the United States), home buyers have flocked to this Riverside County gem looking for Murrieta foreclosure bargains. With today's low interest rates, those bargains a plentiful and buyers can look forward to larger homes on big lots with plenty of top quality amenities, such as granite countertops and whirlpool tubs.
The average home price among Murrieta bank owned homes is currently $222,320. This is down almost 30% from a year ago and down 53.2% from the market's peak in 2007. Imagine owning a beautiful Murrieta bank home for just $1,068 a month! That is what you would pay at today's interest rate and only 10% down.
Nearby Temecula foreclosures are equally as affordable. The average price there is $236,492, making the average mortgage payment around $1,100! In Temecula home buyers can choose from beautiful equestrian estate homes, cozy family tract homes, even wine country acreages. There are Temecula bank owned home listings in every price range and to suit any lifestyle. Take advantage of these historic low interest rates today and make the move to your next dream house, before all the Riverside County bank home bargains are gone and interest rates begin to rise.
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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