Julie Lance recently wrote about the foreclosure bus and how broker/agents are taking potential buyers on home tours of distressed properties. Around the same time I told you about one program that uses house swapping as a way of preserving equity in a depreciating market. Then I noticed Downey Savings in San Diego not only offering, but actively advertising, something they call “Super Saver Sunday.”
Super Saver Sunday is a giant Open House of bank owned properties at reduced prices. They’re even offering special financing on these homes which are located throughout the county as far south as San Ysidro and all the way up to Carlsbad. Downey’s not providing the transportation, this is a self guided tour of sorts, but they willingly offer up all the addresses of the repos on their books.
With increasing frequency, I am finding that it is easier and easier to find the properties in trouble and I have to believe that is because there are simply more of them, a sign of the times. And they’re not just junkers either, many are desireable properties and in move-in condition; although there are fixers in the mix as well. I know a lot of people are wondering where the bottom of the market will be and honestly, nobody really knows, but I’m pretty sure we’re not quite there.
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