Southern California Home Sales:
Inland Empire Foreclosure Market
Drying Up
A bank owned property sits empty in the Fontana community of Sierra Lakes Thursday afternoon January 17, 2008. The Sierra Lakes community was ground zero for foreclosures in San Bernardino County at the time.
Southern California Home Sales Market Marked By Lack Of REO Properties
The Inland Empire has recently been known as the "Foreclosure Capital" of the nation. Recent trends in Southern California home sales show that this might no longer be the case. The numbers of available foreclosure properties on the market has dropped drastically, and REO properties are no longer driving the Southern California home sales market.
Here's a Report from the Inland Valley Daily Bulletin:
Inland Empire foreclosure market drying up
"From January of 2007 to December of 2008, repossessed homes on the market went from 57 to 4,664 in San Bernardino County ... Today there are 317, according to Jerry Gusman with Realty Executive Experts in Rancho Cucamonga ..."
http://www.dailybulletin.com/breakingnews/ci_22014229/upland-foreclosure-market-drying-up
Southern California Home Sales Market Still Not "Healthy"
"In a healthy real-estate market," said Redlands real-estate agent Patricia Hicks, "we should have about six months' inventory. The last 90 days we have only a two-month supply of homes."
The Southern California Home Sales market is still by no means "healthy". There are many signs still causing concern as the market tries to claw out of the pit. One of those signs is the fact that the "Missing Foreclosures" are actually still there. They are simply not making it to the public market and into your local MLS. They are being sold in bulk on the local courthouse steps to investors buying hundreds of properties at once.
