Feeling The Heat?

Are you feeling the heat with your amor this Valentine’s Day?  If today’s steamed your windows with passion, know that you’re not alone.  The banks and lenders are also finding their windows steamed, but not from the heat of passion.  It’s more like the steam coming out of their ears that’s clouding their view!

Foreclosureradar.com released the January report for the state of California foreclosures.  While it’s no surprise that the number of foreclosures is on the rise, what was surprising is the number of failed auctions.   It turns out that 98 percent of the auctions failed.   They reported, “Out of the 19,821 homes that went to auction, 13,950 were discounted, with an average opening bid discount of 16 percent. Of that, 4,624 had discounts of 30 percent or more.”

It seems that most buyers don’t think we’ve hit the bottom and are waiting for prices to fall even more.  They aren’t even biting on homes that are valued at what Foreclosureradar.com is reporting to be at 30 to 50% of the last purchase price. 

In the spirit of falling prices, let’s take a look at some current reductions in our neighborhood that have dropped significantly in the past week or so.

27806 Tirante
6 beds / 4 baths
2,200 Sq Ft
Previously Listed:  $690,000
Currently Listed:   $599,000
Reduction:  $91,000

22541 La Vina DR
3 beds / 2 baths
2,300 Sq Ft
Previously Listed:  $610,000
Currently Listed:   $589,900
Reduction:  $20,100

13 Regalo DR
4 beds / 3 baths
2,860 Sq Ft
Previously Listed:  $970,000
Currently Listed:   $949,900
Reduction:  $20,100