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.
Bookmark this page and stay up to date with the latest foreclosure list and our updated real estate report on the happenings in our house sales market place.
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:
No current listings, please check back later.