CA’s SS News - Short Sale Fundamentals
 
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13
Mar

CA’s SS News

California-short-sales I’m having a great weekend! I’ve been working INSANE hours for the last few weeks jetting around the country (remind me to tell you about losing my keys an hour before my flight). So I decided to really take it easy this weekend and relax.

But luckily for you, even when I’m relaxing, I keep you in mind. So I wouldn’t want to miss a chance to blast out another email before the weekend’s over. I practically fell out of my beach chair when I saw this news.

Short sales and foreclosures in California made up FIFTY percent of all home sales in 2009! Is that incredible or what?? I mean, we all knew the kind of beating California had been taking. But that kind of news should definitely shock you.

The median price for a distressed home dropped by almost one quarter. One third of homes were sold for a loss. And don’t think those properties are just sitting around. No way, they’ve almost all been picked up.

And most of those investors were first-time home buyers. Most analysts believe prices will continue to increase slowly, but so far they’re still way below 2008 levels.

So where does that leave us? Are we getting in to California or getting out? Will big investments there pay off, or go bust?

Don’t think this kind of news is unique to California. No way! Take a look at sales around your local area. Chances are you’ll see pretty much the same story. The key is to get in on the action and make some deals. You’ll be helping the housing market recover, saving the economy, and you may just find yourself lounging on the beach chair next to me.

  • http://www.acfhomebuyers.com Victoria O’Hare

    I live in Northern California and in the last couple months investors are buying up properties like crazy. Houses are not staying on the market more than 30 days and bidding wars have begun.
    I am currently looking for private lenders to be able to get in on the fun.

  • http://tinyurl.com/yzaatmp Claire Racine

    Dear Cory,
    Yes, there are many opportunities in the California market.
    I am also looking for private lenders in Northern California, and southern California.

  • http://Frances.CommercialRelief.com Frances Williams

    I am also in Northern California . I’m seeing about 20% or so closing. You have to make a lot of offers and it can take 3-6 months or longer. Many investors are buying and rehabbing instead of the one day flip. The more work needed the higher your chance to negotiate a favorable outcome

  • http://www.creativelistingservices.com Marsha

    Wow Corey ! I wish that the lenders would look at us as the answer to their foreclosure problems. We know that we help people and the lenders by getting these properties back into circulation again. Some of them are taking notice and I am glad about that. We need to help as many homeowners as we can avoid the foreclosure process. As investors we need to have this passion. Thanks for all the info you send our way to encourage us to be the best at what we do.



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