Foreclosure Radar reports on July 12, 2012 that REO sales were significantly down in California. 13.4% lower than last month and a whopping 48.8% lower than June 2011!
In 2011, we had a total of 142 single family home foreclosures at an average sold price of $436,606. For this price, home buyers in Pasadena would get about 1,500 sq. ft. of a house with 2 to 3 bedrooms and 1 to 2 baths, at an average of $275 per sq. ft.
Last year, we also had 70 Pasadena foreclosure condos sold at an average price of $290,037 and 11 townhomes were foreclosed and sold in Pasadena at an average of $365,945.
The first 6 months of 2012 have been running pretty close to last year with 46 Pasadena foreclosure sales so far (single family homes). Price remains pretty consistent in the low $400,000 range at $272 per square foot on average.
Demand for homes is increasing daily and inventory is low. The decrease in the foreclosure sales is not a welcome sign for our real estate market since the shadow inventory is still hovering as a great unknown over both home buyers and home sellers.
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For an easy foreclosure search and additional information on available REO homes for sale in the San Gabriel and Los Angeles areas/neighborhoods, take a look at the following cities below: