According to a report published by Vincent Bindi from the OC Realty Group out of the 337 sales in Anaheim over the last 90 days, 48.1% are distressed sales. This was updated on the 01st of Aug, 2008. With the entire state of California facing an unprecedented rise in foreclosures prices of these properties continue to fall. A press release by Default Research states that of all the cities in Orange County, Anaheim is the second hardest hit, right behind, Santa Ana.
Many people see relief is on its way in the form of funding provided by the government after President Bush signed the “Mortgage Reform Act”. This is set to help people facing foreclosures and people wanting to buy a home too. This is regarded by many as a good time to buy their much sought after first home or simply buy one for investment purposes.
Foreclosure lists for Anaheim foreclosures can be obtained from a variety of sources. The internet being a vast pool of resources, one can also go through local newspapers. Besides these, banks have lists of foreclosure properties and so do real estate agents.
Properties facing foreclosures are seen as a good option by a lot of people, but if you’re going in for one make sure you check on whether the property taxes are up to date and also check on any existing liens. Banks are known encourage sales during this period because they’d rather get a price lower than the market price than foreclose on the property (increases their over head costs in terms of maintaining the property).
Approaching banks for foreclosed properties is seen as a better option by a lot of people simply because they do not have to worry about the past history of the property. When the banks take over properties, they do clear all existing arrears. Despite this though, they like getting rid of the properties A.S.A.P. Again, overhead costs come into play.
Irrespective of whether you are buying a house in the process of foreclosure, or one that has already been foreclosed make sure you go through all available foreclosure lists before you make your decision. This is one thing you would not want to rush into.
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Written by Alex Rolim.
