Houses sold at Pleasanton foreclosure auctions and in Santa Cruz County have become so affordable that young people who have longed to have a place of their own can have one now. However, analysts stated that it would depend on whether they have a job and whether they can secure financing. The trend of cheap homes and lack of job has become common in most areas, even in Santa Cruz County where houses used to be considered expensive.

The surge in the number of foreclosed properties offered at California home auctions has resulted in cutting down the prices of residences in Santa Cruz by as much as 40%. The median price of single family dwellings in the county as of March of this year was $476,000, down from the $775,000 median rate recorded during the peak of the real estate market. The median selling rate for a condominium, on the other hand, has declined by more than 50% since the peak to rest at $247,000.

Analysts reported that even distressed apartments for sale are being offered at floor prices, with mostly investors taking advantage in this housing segment. For traditional homebuyers though, purchasing a house in the region can be a challenge, even with prices this low. Realtors have reported that sales did increase, but only among bargain-priced dwellings, with over 50% of sales transactions in this price level accounted for by short sales and foreclosed properties.

Although the heavily-discounted prices of homes offered at public foreclosure auction sale can be considered great news for buyers, their overall impact on the county's economy is far from positive, analysts have asserted. They claimed that the declining prices of residences are weighing down the economy since they prevent existing homeowners from selling their homes and purchasing a bigger or more expensive residential property.

This drags down consumer spending in the area, with only cash-powered investors taking advantage of foreclosed houses and distressed apartments for sale. The unemployment rate of the county, which stands at a whopping 14.7%, is also not helping the region's economy, analysts further stated.

Some Residents Unable to Afford Houses and Distressed Apartments for Sale is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Investors and traditional homebuyers purchased increased numbers of properties from Pleasanton home foreclosure auctions and from new home markets in various areas of the state. One of the biggest sales performers for California during the month was the Bay Area region. In March, the area was able to sell a total of 7,051 housing units, comprised of newly built and existing single family dwellings and condominiums. The total was up by 41.3% compared with February of this year and by 0.2% compared with March of last year.

The March housing sales figure in the Bay Area was also the highest on record for the third month of the year since March of 2007 when a total of 8,317 newly built houses, condominiums and properties from foreclosure home auctions in California were sold in the region. On average, housing sales between the months of February and March have increased in the Bay Area market by 39.1% since the year 1988. The latest month-over-month increase was higher than this average, analysts have noted.

According to them, this might be a sign that the market is starting to stabilize. The fact that more default notices were issued in March might also show that lenders are of the opinion that the market is strong enough to take on more properties entering foreclosure auction listings, analysts further stated. Housing prices also produced a mixture of positive and negative results during the month.

The Bay Area median price for houses sold at foreclosure listings auctions and at new housing markets in March was up to $360,000, jumping by 6.7% from the February median rate. However, when compared with March of last year, the median selling price was down by 5.3%. Analysts stated that prices of houses in the region are still getting dragged down by foreclosures and short sales. In addition, tight lending standards are preventing more buyers from securing purchase contracts which could have helped the area's home prices.

Analysts further stated that the problem of underwater mortgages is also preventing a lot of home sales from getting completed. According to them, rising foreclosure auction listings are eroding residential equity in the area, thereby preventing would-be buyers from selling their homes to finance a new purchase.

Foreclosure Auction Listings in Some California Areas Lifted Market is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Prices of luxury dwellings jumped during the period October-December 2010 despite the many lower-priced houses offered at foreclosure auctions in San Francisco. Compared with the 2010 third quarter, prices of higher-end houses increased by 1.6% in the metro area and also recorded a 3.6% rise when compared with the 2009 fourth quarter. During the last quarter of 2010, the average selling rate for a luxury house in San Francisco was around $2.6 million.

Although California foreclosure auctions remained at elevated levels last year, several other local areas in the state posted improved selling prices for luxury residences. In Los Angeles, prices for high end houses jumped by 0.6% in the 2010 fourth quarter compared with the previous three-month period. However, the 2010 fourth quarter average price of $1.97 million was actually lower by 2.2% than the average rate recorded in the same 2009 quarter.

Since California has some of the nation's highest numbers of residential and commercial foreclosed properties, people expect prices to decline in almost all categories, particularly in the luxury segment. However, this is untrue in San Francisco, Los Angeles and even in San Diego where prices of high end homes have been rising. San Diego luxury residential prices were up in the fourth quarter by 0.8% compared with the previous quarter. Compared with one year ago, the increase was 0.6%.

Housing industry analysts stated that more people still buy foreclosure auction homes in the region, but the low interest rates and the growing consumer confidence have convinced buyers of more expensive homes to take the plunge. They also cited the rise in the stock market as another factor since majority of luxury home buyers have their wealth invested in stocks.

Commercial foreclosed properties and distressed homes are expected to rise further in California in 2011. However, luxury home sellers are confident that the segment will be able to keep up, given its strong performance amid the foreclosure crisis. The last time prices of luxury houses increased in the three California markets was in the 2007 second quarter.

Commercial Foreclosed Properties Fail to Hinder Luxury Market is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

The number of foreclosed homes offered at Sacramento home auctions as well as in other foreclosure auctions held in different areas of the state has shown some decline last year, but the total number of distressed properties in the region remained one of the highest in the whole country. This resulted in several California metro areas getting ranked in the Forbes list. One of these cities happened to be Vallejo.

The city made the list not only because of the high number of foreclosures in the area offered at home auctions in California, but also because of its high bankruptcy rate. Vallejo was ranked ninth among 20 metro areas considered by the publication as less than ideal places for families and residents to live in. The state of California had eight entries in the top 20.

Aside from the high supplies of foreclosures, including foreclosed VA homes for sale, the city also has a high unemployment rate. The most recent job market figure saw the city having an unemployment rate of 12.5%. According to local authorities, this is way above the 4.9% rate recorded in Vallejo around five years earlier. To top it all, bankruptcies have also escalated in the metro in the past two years.

Aside from foreclosures offered at auctions for sale and unemployment rates, the publication also considered tax rates, crime rates and even performance of local sports teams. The magazine also considered housing price appreciation for a period of three years in making the list. Besides California, Florida also had multiple cities ranked in the top 20 list released by the publication. The top ranked city in the list was Stockton.

Meanwhile, a number of officials and residents in Vallejo have argued that the list is not accurate. They stated that, although the number of bank foreclosed properties and foreclosed VA homes for sale is high in the city, they still find it a great place to live and that residents are working hard to improve the condition of the metro area.

Foreclosed VA Homes for Sale and Bankruptcies Give City More Problems is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Foreclosure auctions in Irvine and in other areas of California lost their steam in December as fewer buyers ventured into the market to make a purchase. The trend was felt mostly in the region of Southern California, where the median price of houses sold for the month of December increased by only 1% from the previous month to $290,000. Compared with December 2009, the median selling price of houses in the region was up by 0.3%.

According to real estate experts, this is the smallest median price increase recorded in the region for a year-over-year comparison since December of 2009. Analysts stated that the trend in the southern market is mirroring the statewide weakness, where properties under foreclosure auctions in California remain unsold for several months.

It was not only auction sales that performed poorly last month; according to the region's realtors, short sale transactions, which started ticking up in the middle of last year, also declined during the period. With fewer sales, prices are getting hit, realtors have reported. Majority of markets in the southern region recorded a decrease in median selling prices last month, with Orange County posting the biggest decline.

Median rates of houses purchased by buyers from homes foreclosure auctions and from other channels in Los Angeles declined by 2.7% last December compared with year-ago levels. In Orange, the decline was 5.7%, while San Bernardino posted a median price decrease of 1.3%. Ventura also recorded a decline, with prices dropping by 1.4%. Meanwhile, Riverside and San Diego counties bucked the trend and posted an increase in median sales rates, with the former posting a 2% gain, while San Diego's price rose by 0.9%.

According to housing market observers, home buying, including short sale transactions, will not pick up until the job market improves. They stated that majority of residents in California are facing financial difficulties that can only be solved by having more jobs available.

Short Sale Transactions and Housing Sales Fell in December is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Prices of residences offered at Fresno home auctions and other auctions all around the state have mostly rebounded. The same cannot be said though for the luxury housing market where properties' prices continue to decline. According to realtors, a big number of mansions and million-dollar homes remain in the market for months without gaining the interest of buyers.

Analysts have stated that value gains among properties sold at California home foreclosure auctions are beneficial to the state's housing market, but luxury residences should also start improving for the region's real estate market to recover. According to them, the general housing market will not improve until prices of mansions and luxury houses stop declining.

They stated that a decline in foreclosure lis pendens would definitely help the industry a lot, but they also remind the public that back in the 1990s, a turnaround in the high-end housing segment was the factor that precipitated the recovery of the state's real estate industry. Analysts further stated that, with the rate luxury dwelling prices are declining, the anticipated recovery of the California residential property market will not likely happen next year.

Housing experts have explained that the slowdown in the luxury housing market is a delayed effect of the huge number of short sales and properties sold in foreclosure property auctions. They added that the impact of the housing crisis is finally hitting the high-end housing segment and rich people who borrowed a lot of money prior to the crisis are now finding it difficult to maintain their affluent living and investments.

Housing data for California showed that even with fewer foreclosure lis pendens, areas known for their luxury houses are failing to improve property values. Housing prices in areas like Beverly Hills and Solana Beach were even lower than last year's levels, while median prices remain unchanged in other affluent communities.

Impact of Foreclosure Lis Pendens Still Felt in Luxury Housing is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Homes sold in San Francisco foreclosure auctions and in other areas of California have declined, according to residential property reports. In the Bay Area, MDA DataQuick reported that a total of 12,690 notices of default were issued during the July-September period. The figure represents a 32.5% drop compared with the same 2009 period, although it did show a slight increase when compared with the 2010 second quarter.

Although houses sold at California foreclosed home auctions declined when compared with 2009 totals, the state still ranks among the top five regions in the U.S. in terms of foreclosure rates. In the past decade and a half, data showed that the Bay Area region has an average of over 6,000 notices of default issued every quarter. The third quarter total showed that despite the decline, the number is still double the averages recorded in the past 15 years.

The data covers properties sold at auctions and Sheriff sales and those households that are in the first phase of foreclosure. Housing market analysts reveal that third quarter property figures do not reflect the impact of the moratorium imposed by several lenders on various states of the U.S.

Overall, houses at auctions posted better figures than last year, but recorded a slight increase compared with the previous quarter. In the whole California, over 83,000 notices of default were issued during the quarter, representing a 25.5% drop compared with the 2009 third quarter. However, it also represents an 18.9% increase when compared with the 2010 second quarter.

Meanwhile, trustee deeds or the final procedure of foreclosure totaled 6,757 in Bay Area, representing a 9.4% drop compared with the 2009 third quarter and an almost unchanged number compared with the second quarter of 2010. Statewide, trustee deeds and homes to be sold at Sheriff sales and other channels totaled 45,377. This translates to a 9.3% decline from the 2009 third quarter and a 4.8% drop from the 2010 second quarter.

Sheriff Sales and Foreclosure Filings Decline in California in 3Q is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

When it comes to state-focused housing statistics, the second quarter saw foreclosed residences, including homes sold at California house auctions, accounting for 43% of total home sales in the state. This makes California the third state with the highest percentage of foreclosures in total home sales, behind only first placed Nevada and second placed Arizona.

However, the percentage of foreclosed houses at auctions and REOs accounting for total state sales for the 2010 second quarter is actually lower than the same 2009 quarter. Sale of pre foreclosures in the state rose by almost 8% for the current year's second quarter when compared with the 2010 first quarter, but is down 4% when compared with the 2009 second quarter.

Foreclosures continue to dominate monthly housing sales figures in the state, with Los Angeles home auctions contributing some of the highest number of properties. For REO sales, the state recorded a 1% jump for the second quarter when compared with the first 2010 quarter. Compared with the April-June 2009 period, REO sales actually declined by 45% in California.

The average selling price of foreclosed dwellings all around the U.S. is estimated to be at least 26% lower than the average selling price of regular or non-foreclosure residential properties. The figure is a bit better than the first quarter of 2010, when the average price for foreclosed properties is 27% lower than regular dwellings.

The collective U.S. housing market sold 248,534 foreclosure homes in the second quarter of 2010. These include homes scheduled for auctions, REO properties and defaulting homeowners. The figure represents an almost 5% jump from the first quarter of 2010, but translates to a decline of 20% when the 2009 second quarter is used as basis for comparison.

Despite the high percentage of foreclosed properties accounting for total housing sales in California, including those sold at Los Angeles home auctions, analysts consider the statistics as positive since they are mostly lower than 2009 numbers.

Foreclosed Properties at Los Angeles Home Auctions Have More Sales is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Foreclosure home auctions in California and the number of households entering the process of foreclosure have declined. Nationwide data showed that foreclosure activities dropped by 30% for the month, leading analysts to expect fewer number of homeowners to lose their properties to foreclosure in the coming months.

However, the drop in home foreclosure auctions for sale and foreclosure filings was offset by the rise in the number of repossessed properties all around the country. Total home repossessions for the month are at a record total of 95,000. This is higher than year-ago levels of 76,000. Analysts have stated that filings might be down since lenders are taking a longer time to start foreclosure proceedings on delinquent borrowers.

They explained that the decline in California foreclosure activities, including filings, notices of default and even those involving foreclosure sales like San Jose foreclosure home auctions for sale, might be due to lenders' reluctance to start the foreclosure clock. Banks and lenders are required under law to foreclose on a property within a given period of time once a default notice has been issued, sometimes even when lenders themselves are not willing to foreclose.

Another reason cited by analysts is that some homeowners who receive notices of default decide to vacate their homes immediately, living the property at the mercy of vandals and robbers and making it more costly for lenders to maintain the abandoned properties. Despite the prevailing reluctance to start foreclosure proceedings, analysts stated that once they are started, repossession is almost immediate.

This is because most housing markets are on the mend, especially major states like California. The improving situation allows lenders to resell repossessed and foreclosed properties faster and also lets them cut down potential losses. So, although lenders are taking it slow when it comes to starting foreclosure proceedings, which effectively lowers the number of foreclosures like San Jose foreclosure home auctions for sale, once they start, repossession only takes a very short time.

San Jose Foreclosure Home Auctions for Sale Declined in August is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Under the latest federal assistance initiative, the whole state will receive $476 million to help homeowners who have lost their properties to California home auctions for sale. However, Valley residents feel that their area was somewhat left out in the distribution. The latest effort from the government involves a total of $3 billion that will be spread out to different areas of the U.S. that suffered from the housing market crisis.

According to legislators who represent the Valley, the number of foreclosed homes at auctions in the area makes San Joaquin one of the highest ranked regions nationwide in terms of foreclosure rates. The Valley covers the cities and counties of Modesto, Merced, Stockton and Fresno, all with high rates of foreclosure activities.

In addition to the high number of properties under Fresno foreclosure auctions, there are also smaller counties that contribute to the high rates of foreclosure in the Valley, including Los Banos. These are just some of the factors cited by residents and legislators in their claim that the region deserves a bigger share than what it is expected to receive.

In an effort to address the impact of high numbers of repossessed houses on various regions of the country just like those in several California areas and to help unemployed homeowners keep their homes, the Treasury Department has announced a nationwide assistance initiative that will be financed by a total of $2 billion. In addition, the Department of Housing and Urban Development will release zero interest loans worth $1 billion to be provided to homeowners who are behind in their mortgage loan payments.

The latest effort has received criticisms from several fronts, including officials and legislators from the San Joaquin Valley region. According to them, the government's track record in terms of foreclosure mitigation efforts has not been good. They also criticized the government for allegedly leaving out San Joaquin despite the high rates of foreclosure in the area and the thousands of homes being sold under Fresno foreclosure auctions.

Number of Homes Under Fresno Foreclosure Auctions Not Enough to Get Aid is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.