Over the past 60 days, foreclosed properties on the market have brought about 2 developments in the market: they have increased the volume of transactions taking place and decreased the average sales price of the transaction.
The OC Register reports recently;
"Bargain-basement sales helped pull down home prices in the SoCal region last month and boosted the number of transactions by a record 67%, DataQuick reported today.
The median price of a Southern California home fell to $300,000 in October — the lowest since April 2003 and down 41% below the peak price hit in the spring and summer of 2007.
The record gain in sales was attributable to very weak sales last year and high foreclosures this year."
Banks have started to look realistically at pricing foreclosed properties and entertaining short sales. This means better opportunities for buyers and more flexibility for sellers trying to get out of a distressed situation.
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