Long Beach Real Estate - First Quarter Market Report 2007

Apr
29

Long Beach Real Estate - First Quarter Market Report 2007

Long Beach Real Estate

Long Beach Real Estate

First Quarter Market Report 2007 - 1/1/2007 through 3/31/07

There were 5,977 foreclosed homes on the auction block here in Southern California in the first three months of the year, up from 711 in the same period last year, according to research firm DataQuick Information Systems.

The foreclosure process in California begins when a homeowner misses three mortgage payments. The lender will then file a notice of default (NOD) with the county recorders office. If the homeowner fails to make mortgage payments for 90 days, the trustee sets a date for a public auction. Homes that are not sold are turned over to the lender who can then sell the property.

Purchasing a foreclosure at auction is a risky proposition for the ill informed. The properties are purchased in “as is” condition with no opportunity to view the interior. An inexperienced buyer may not know to check the property for undisclosed seconds or existing liens and could feasibly find themselves not getting the bargain they had hoped for.

*Residential:

New Listings 1,848

Average List Price $584,123

Under Contract 174

Average List Price $553,381

Sold 747

Average Sale Price $534,127

%/SP/LP 97.97%

Average Days On Market 72

*Residential Income:

New Listings 460

Average List Price $969,259

Under Contract 31

Average List Price $1,312,070

Sold 121

Average Sale Price $804,812

%/SP/LP 97.10%

Average Days On Market 91

*SoCalMLS - Information deemed reliable but not guaranteed. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals.

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Long Beach Real Estate - First Quarter Market Report 2007

Posted on April 29, 2007 by Laurie Manny

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