Temecula, Murrieta Foreclosures Leading County in Bank Home Sales
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Published: Wednesday, September 16, 2009
The August sales numbers are in and according to market analyst MDA DataQuick, sales of Riverside County foreclosures rose slightly over August a year ago, while median home values are down 23.2% county-wide over the same time period. Sales climbed just 1.9% in August when compared to August, 2008, for a total sales volume of 4,145. As in previous months, Murrieta and Temecula foreclosures are leading the field when it comes to sales activity in Southwest Riverside County.
For good reason, say market watchers. The median home value among Murrieta bank homes is just $221,000, down over 35% from a year ago. Temecula bank owned homes are selling at near record values for $242,000, and there are currently over 1700 Temecula foreclosed homes on the market. Nearby Lake Elsinore foreclosures are perhaps the best bank owned bargain in the County, with median home values of $157,166, a 45.89% drop from August of 2008. With close in convenience of the top-shelf amenities offered by the Murrieta and Temecula commercial centers, Lake Elsinore bank homes offer affordable luxury without the high price tag of other nearby communities.
Mortgages for Southwest Riverside County Foreclosures Changing with the Market
A few years ago up to 40% of mortgages fell into the "jumbo" category, exceeding $417,000 in value. Last month jumbo loans accounted for just 15.9% of all loans that closed. Adjustable rate mortgages also have taken a back seat to more conventional financing, with only 3.9% ARMs closing escrow. Over the last 20 years, that figure has averaged 39%. Perhaps the biggest change in mortgage financing for Murrieta foreclosures and Temecula bank homes has been in the area of first time homebuyers and FHA backed loans. Previously this sought after area of Southern California has been too pricey for many first time homebuyers but with home values falling to decades-old levels, over 37% of all mortgages went to first time homebuyers relying on FHA loans.
The good news in all this is that home prices have been relatively stable for the past several months, fluctuating within 5%. The rapid changes that make the banks nervous are diminishing and the credit markets are beginning to rebound. With that, buyers who may have had trouble securing financing just a few months ago could have an easier time getting loan approval for one of the thousands of foreclosures in Temecula and Lake Elsinore bank homes still on the market.
Don't miss out, act now for find the best Southwest Riverside County foreclosures available. Esocalhomesearch.com is your neighborhood foreclosures expert and can help you find the Riverside County home of your dreams. Use our convenient search tool to view the many Riverside County 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.
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