Published: Friday, November 27, 2009
Southern California foreclosures still account for the bulk of area homes sales and lenders are finding real estate auctions the fastest and most efficient method of clearing their books of REO properties. Buying a home at auction requires a little prep work, however and the experts at homeauctionexpo.com share their insight on how to find the best home auction properties.
According to market researcher MDA DataQuick over 40,000 new and resale homes sold last month, down slightly from the 20-year average of 44,000. Of that number, 41.9% were bank owned homes that had been foreclosed on in the last year. Again, this is slightly lower than the all time high of 58.8% last February, but still a good indication of the number of bank homes available on the market. To accommodate these high numbers of REO properties, lenders are continuing to use foreclosed home auctions as a means of selling large numbers of homes quickly, and at rock bottom prices.
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”
- Nelson Mandela