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Palos Verdes & South Bay Real Estate Blog

By George Fotion | Broker in Palos Verdes Estates,...

Palos Verdes Foreclosures Report May 2013

Palos Verdes Foreclosures

This will probably be one of the last posts I will make regarding Palos Verdes foreclosures and the foreclosure market throughout the South Bay including the cities of Manhattan Beach, Hermosa Beach, Redondo Beach and South Torrance areas including the Hollywood Riviera. Palos Verdes ForeclosuresSo why would that be, when the topic of Palos Verdes foreclosures has been so hot in the last few years?

Haven't we learned? Nothing stays the same forever and the Palos Verdes real estate market changes just like any other economic asset class. And the change is this... There are no more "deals" that can be found in the foreclosure market.

The market has drastically changed in the last few months. Inventory is down, demand is up and prices are rising. You can get details on the latest Palos Verdes foreclosures information by visiting this site:

Palos Verdes Foreclosures Report


Here's an excerpt from the report:

Rising home prices will help lift a certain percentage of underwater homeowners into a state of positive equity and into a position where they could choose to sell. If they choose to sell, these homeowners will help alleviate some of the current inventory problem, while also increasing sales activity. If home prices increase 10 percent, an estimated 415,000 homeowners, or 23 percent of negative equity homeowners, will be returned to a positive equity state. In addition, if home prices rise 20 percent, an estimated 715,000 homeowners, or 40 percent of negative equity homeowners, will transition to a positive equity Since 2008, total cash sales have increased dramatically. From 2001 through 2007, cash sales ranged from a low of 27,381 to 51,387 per year and represented only 6.2 percent to 8.4 percent of total market sales. In 2008, as the housing market collapsed and prices plummeted, real estate investing became more attractive and cash buyers returned to the market. In 2008, cash sales were 57,019, or 15.9 percent of total sales. By 2012, cash sales had swelled to 116,549, or 29.2 percent of total sales. So far in 2013, cash sales are 30.2 percent of total sales. Rising prices make it more difficult for investors to find reasonable returns and therefore this number is likely to decline.

Oh sure, you might find that needle in the haystack, maybe, just maybe but if that's all you're looking for, I can't help you, not unless you put me on retainer - and please don't - as the time it takes to find that needle in the haystack is so long and the process so arduous and the results so unlikely that

a)you won't be able to afford my retainer and

b)it's just not worth your time when you could find the home you want in the time you want it through other means, such as the home search map platform here

You can use the "Lifestyle Finder" to even search "distress" Palos Verdes foreclosures that are for sale now (you won't find many if any at all … scroll down about 1/2 way when you click the picture of the search map here)



 +George Fotion George Fotion on Google+

George Fotion, HomeIsPalosVerdes.com  Original content located here: http://www.homeispalosverdes.com/palos-verdes-foreclosures-update-for-may-2013/

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