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If you are an investor and want to make money by investing in San Diego foreclosures, it is better to conduct thorough research as real estate market is not in a great condition at the moment. The increase in foreclosures in San Diego has created some bad effects on the value of existing properties and that’s the reason why real estate market is suffering in here.
According to a recent report, it was found that the increase in San Diego foreclosures is overwhelming. In fact, there are more than 19 thousands foreclosure properties for sale in last year and a rise in these foreclosures is expected. It is thought that foreclosures can go up to 20 thousands this year.
Although there is an increase in foreclosures but real estate market of San Diego is supposed to get better in coming years and that’s the reason why you can consider investing in foreclosures. But, as mentioned already, you have to spend some time in analyzing the market trend to collect some information about the current condition of real estate market. One of the most important things to check in this regard is the average price for which following graph is taken from Trulia.com.
You can see from this graph that the average price in San Diego was quite high on Feb 18, 2009. This was the time when it was at $629K mark but a decline in price was there after this point until March 04 and price came close to $616K. The good thing was the rise in price from this point till March 11, 2009. This was the time when price moved up to the $626K mark.
Also, the average price per square foot was $237, which was actually a decrease in price by 21.5% compared to the same period during the last year. Also, there was an increase in the number of sales up to 19.4% for the same period. It implies that there are chances that market will grow in near future.
There is absolutely no doubt about the fact that there is an increase in foreclosures as more than 74,000 homeowners had to say good bye to their homes in last month. The alarming thing is that this was an increase from the figures collected in January, which were 67,000. But, despite this increase in foreclosures you can expect to earn some profit by investing in San Diego foreclosures because the home value in this area is supposed to get better.
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