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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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.