This just in - home sales drop 13.8 percent in August 2010
. What does this mean for the smart and savvy homebuyer? It means that there are lenders waiting for you to call and make an offer on the foreclosure home of your dreams. The Associated Press has reported this drastic drop in home sales throughout the Southern California area. With warm sun and comfortable weather year round, is it time for you to move to the golden state?
Foreclosures create a unique opportunity for homebuyers to save money by purchasing a home for the cost that is owed on it. In some cases, this allows a person to purchase the 1.5 million dollar mansion of their dreams for half that price. The savings that a buyer can experience when purchasing a foreclosure home is unsurpassed by any tax credit or discount available. Lenders are currently looking for ways to increase home purchases in order to clear out the backlog of homes for sale in their system. With August marking the lowest home sales since 2007 for California, it is apparent that something has to be done before homes fall passed the foreclosure state and end up being owed by the bank.
The price of homes is also declining. Southern California experienced a 2.4% drop in the median home price from the month of July. Being that this is the third month the prices have dropped, it is estimated that the trend will continue, making new homes a better value for prospective homebuyers.
Where do you start as a homebuyer? With our foreclosure listings available on foreclosuredatabank.com; whether you rely on our listing services you will be able to find a variety of cheap foreclosures in your area.