Riverside County Foreclosures Filings on the Rise
Category:
Published: Thursday, August 13, 2009
Riverside County foreclosures filings increased in July, with Notices of Default being served on 4,973 homes last month. Approximately one third of those filings were for Murrieta bank homes and Temecula foreclosures, two communities hit hard by previous waves of foreclosures. Actual foreclosures fell slightly in July, though as banks completed loan modifications and work-out deals with a significant number of delinquent borrowers. Trustees Sales were noticed for 3,066 homes County-wide, down 8% from June.
Inland Empire foreclosures continue to rank high in California, with Riverside County bank homes coming in 3rd statewide and San Bernardino placing 6th among California counties. Nationally California ranks 2nd behind Nevada as the state with the most foreclosures.
Increased Opportunities for Buyers of Murrieta Foreclosures
With increased foreclosure filings come increased opportunities for buyers looking for Murrieta foreclosures, Temecula bank homes or Lake Elsinore bank owned homes. If the homes that entered the foreclosures process in July are not redeemed by their owners, Southwest Riverside County foreclosures buyers could be looking at thousands of new bank homes on the market by fall, a move that could bring lower prices in some of the most sought after neighborhoods.
But even more important is that banks with Murrieta REOs on their books right now will be willing to deal so that they are not overwhelmed with inventory later this year if the July foreclosures actually make it to Trustees Sale. Buyers who have been actively looking at properties in the valley may want to make offers now, before additional properties flood the lenders' REO departments.
Murrieta, Lake Elsinore Bank Homes Remain Ultra Affordable
Property values in Murrieta, Temecula and Lake Elsinore remain at their most affordable in years. Median value among Murrieta foreclosures is $219,170, just $173,923 for Lake Elsinore foreclosures, and a still affordable $244,426 for Temecula foreclosed homes. Buyers acting now can maximize their investment dollars and still take advantage of low mortgages that put the average Southwest Riverside County mortgage payment at just $1,100.
Considering most of the beautiful Murrieta and Lake Elsinore foreclosed homes on the market are recently built, well appointed, larger homes with big yards, these values are more affordable than renting and deliver all the tax benefits and pride of ownership that only comes from being a homeowner.
Esocalhomesearch.com is your neighborhood foreclosures expert and can help you find the Southwest Riverside County home of your dreams. Use our convenient search tool to view the many Southern California bank homes available and start living the good life today! Contact our foreclosure specialists 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.
Categories
