Bank Owned Foreclosed Homes And Government Foreclosure Properties

Friday, September 25th, 2009

No decision should be made about investing in Saint Albans foreclosures before checking the current trend for median price. The more time you will spend in deciphering the trend for median price in recent years, the better it will become for you to take a decision.

In order to learn more about median price, consider following graph which is taken from Trulia.com.

Ups and downs have always been a part of median price of homes in Saint Albans and it is quite evident from this graph. You can see that there was a rise in price in 2006 when median price was around $108 K. However, this trend was only for 2006 and a decline in prices occurred from the 2nd quarter of 2007. Right from this point onwards, there was a consistent decrease in price and overall recession was spotted in real estate market. Though prices again moved up a bit in 2008 and again touched the $108 K mark but that was only for some time.

The current situation of median price is not too encouraging. There is a clear decrease in sales price in 2009. In fact, the decrease in prices from Dec 08 to Feb 09 is around 9.2%. The price in this period was $88,500, which was actually a decrease of $9000 compared to the same period of last year.

This is the situation with median prices but it is still a good idea to consider the number of sales before investing in Saint Albans foreclosures. The number of sales is actually closely tied with the median price. In Saint Albans, you can see a decrease in number of sales with a decrease in median price. But, decrease in sales is much bigger than the decrease in median price. To further elaborate the trend for number of sales, consider following graph, which is from Trulia.com.

This graph shows that a decrease in number of sales started from the last quarter of 2008 and the trend continued in 2009. The decrease in sales from Dec 08 to Feb 09 was 63.3%.

Now, it is quite clear that median prices are going down in Saint Albans along with the number of sales. But, the good thing from the perspective of an investor is that there are lots of foreclosure homes in there. What it means is that you can invest in Saint Albans foreclosures but the real estate market is not in a great position at the moment to provide you with better results. So, be specific at the time of investing in a foreclosed home in this part of New York.

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