Riverside’s home prices increased, with the median up to $210,000. This is an increase of 16.7 percent compared to that of the same month during the previous year. Meanwhile, in the county of San Diego, the median price increased to $340,000, also a 16.7 percent increase from May of last year. Also, an increase in the median home prices was noted in the North County, increasing to $475,000, which amounts to a 21.5 percent boost.

In general, the number of home sales also increased in Southern California during the last month, except in the areas with the lowest price groups. This is attributed to buyers who are taking advantage of the lower mortgage rates and the government tax credits.

On the other hand, foreclosure activity decreased in the said counties. In the county of Riverside, only 2,292 default notices were sent out, down by a significant 52 percent compared to the previous year. Foreclosed homes totaled only 2,101 in the Riverside County, which is 4.2 percent lower than May of last year. In Southwest Riverside, notice of defaults tumbled down by 45 percent, while foreclosures fell by 84 percent.

In the county of San Diego, lenders only sent out notice of defaults totaling 1,748, which is lower by 46 percent compared to the same month last year. A total of 1,239 homes were foreclosed in San Diego this year, which is also 7 percent lower than last year. In North County, the number of notice of defaults dropped by 47 percent, while the number of foreclosures fell by 83 percent.

Similar trends were noted throughout the entire state of California. Notice of defaults were sent out to 23,911 residents in the state, which is a decline of 43 percent from last year. Meanwhile, finalized foreclosures amounted to 17,819, which is lower by 1.9 percent compared to last year’s numbers.

Economic analysts, such as Foreclosure Radar and Beacon Economics, however, are questioning the reduced foreclosure activity. The decline in foreclosures allegedly does not make much sense. Foreclosures should be increasing and not falling, given the large number of home loans that are not being paid on time. The decreasing number of foreclosures could be attributed to lenders allowing people to stay in their homes even if they have been unable to pay. Doing so would minimize the number of homes that are up for sale, which would reduce supply. Decreasing the supply is a good way to help push the prices of homes up.

Alex Aguilar
Team Aguilar
Real Estate Agent, Blogger!
Alex@TeamAguilar.com
www.TeamAguilar.com
Real Estate Blog

If your looking for real estate in San Diego, Riverside or Imperial County you have arrived at the right place. Please feel free to contact us and please read our Real Estate Blog and leave your comments.

My boss, Carlos Aguilar, real estate agent extraordinaire (he pays me to say things like that), receives countless emails and calls from renters whose landlord’s are being foreclosed upon, and they are left in the dark, trying to figure out what they need to do. One such email he recently received was from a woman who found out her landlord was being foreclosed on when the Home Owners Association for the complex called her and told her. And since the landlord was no longer paying her HOA fees, the HOA requested that the she pay THEM her rent.

I can imagine that it’s quite unnerving when out of the blue, you get a call from someone you don’t know telling you all this. It’s the kind of call where you hang up and say, “What the F*CK?” Then you try and contact someone…anyone who might have some information on what’s going on, and no one can tell you a thing. So, if you are a renter and your landlord is being foreclosed on, let me help ease your mind. This article is about what will happen and what you need to do.

Finding Out

A few days after the Trustee Sale (foreclosure) occurs, someone will be knocking at your door inquiring about whom you are and the names of any other occupants. This person represents the bank that now owns the property you are occupying. If you are not home, they will post a notice on the door asking you to contact them. This notice may sound harsh, and may even sound like an eviction notice, but it is not. It is simply an initial attempt to impress upon you the seriousness of the situation and to make you aware that the property is now owned by a bank and their purpose is to gather information.  The new owners need to know who you are and what your intentions are. For the most part, they will want the property to be vacant as quickly as possible. The one exception to that is Fannie Mae, who, if they are the new owners, may give the option to some tenants to continue to rent the property. But almost all other lenders are not willing to rent the property and will assign it to an eviction attorney to begin the eviction process.

Eviction Notice

The eviction attorney (or someone representing them) will present you with a notice alerting you that you have 90 days to vacate the property. Depending on how fast the eviction attorney begins the case, this notice may not come for weeks (sometimes even up to a month) after the house has already been foreclosed on. NOTE: Despite what your former owner’s HOA tells you, you DO NOT owe them any money.

Cash for Keys

The Bank, AKA the new owner, will usually offer you cash to entice you to move out and waive the 90 day eviction period. The sooner you move out, the more money the bank is willing to offer you to help with your relocation costs. Typically, if you agree to move out in the first 30 days, the bank may be willing to pay you a fee of $3000-$4000. If you move out within 60 days, this amount is reduced substantially, and if you move out towards the end of the 90 days, you most likely will not be offered any money. The reason the banks are willing to offer you a relocation fee is to offset the cost of having to pay legal fees to have you evicted. And the sooner you are out of the property, the sooner they can put it on the market for sale. And they are EAGER to sell those properties.

Whatever you do, don’t play dumb and pretend like nothing is happening (see The Life and Time of an REO Field Agent: Part III). Talk to the bank, let them know what you intend to do. Will you take the full 90 days to find a new place and move? Or will you take the cash for keys and move out sooner? Depending on how much the banks offer you in the form of cash for keys, it might make sense to get out fast if you are able. If the amount is minimal, it makes sense to use those 90 days of living rent free to search for a new place.

Any way you slice it, it’s not your fault that your landlord got foreclosed on. Don’t take the eviction as a personal attack. It is without a doubt a large inconvenience, but the sooner you address the situation, the sooner you’ll be living in a new place. And who knows, maybe you will even make out with a little extra cash in the process.

By Andrew Brentan

My superiors, the President and CEO of Axia Real Estate Group in San Diego, have asked me to write a blog announcing that we have now expanded our business into Riverside County and that we are looking for agents to work in both Riverside and San Diego.  I said to them, “Superiors, with all do respect, this is not something to discuss on a blog. This is something to announce on the home page of the website or take out an ad in the Reader or SignOn SanDiego.”  As you can tell by the fact that I am indeed writing a blog on our business expansion, I did not win this argument. And so, without further ado, let me introduce to you, Team Aguilar of Axia Real Estate Group:

Under the direction and leadership of Carlos Aguilar (President), and Howard Blum (CEO), Axia Real Estate Group, Inc. has been helping buyers and sellers in the San Diego region for over a decade. Carlos loves using the line that he has “been in real estate longer then he would care to remember” which was voted by me, to be his most over-used line of 2008. But he has been at it for a long time — originally licensed in California in 1972. The bottom line is, the man knows everything there is to know about real estate in California and he’s a pleasure to work for and with. And even if he wasn’t the one paying my salary, I’d say the same thing.

So, now that Team Aguilar has expanded into Riverside, we are looking for experienced real estate agents to join our group and work both Riverside AND San Diego regions. Agents should be experienced, knowledgeable, and willing to follow up on leads. If you are interested, or have any questions, call Toll Free Number at (888) 317-1496 or email info@teamaguilar.com.

Bank owned properties offer a low-cost solution to investors and first-time home buyers. According to data released from real estate research firm, MDA DataQuick, the median home sale price in Southern California was $308,500 in September, down 7% from August, and 33% from a year ago. And prices are sure to continue to drop, creating great deals for those who are looking in the right places. Christopher Thornberg, principal of Beacon Economics, a Los Angeles consulting firm is predicting that home prices will bottom late next year, with the Southern California median sale price falling to $250,000.

When home owners default on their mortgage payments, banks will take ownership of the property and as a result of this widespread housing downturn, bank’s are taking ownership of more properties than they can handle. Banks are seeking to sell these houses as quickly as possible to recoup the money from the mortgage, and this in turn, creates an opportunity for great deals on home purchases.

“There are bank-owned homes of all shapes and sizes out there, and there are indeed great deals to be had,” says Carlos Aguilar of Axia Real Estate Group in San Diego who specializes in bank owned properties, “but there is also a lot of competition for these homes, and it is important to work with someone who has experience in dealing with Bank Owned properties.” Carlos has more than thirty years of experience in Real Estate and Loan Brokerage, and though he’s never seen a decline in home prices quite like this in his lifetime, he’s been through enough real estate cycles to know the value of buying at a time like this. “Two years ago, many people couldn’t have afforded a home that they can now buy in this market. And with lower sale prices, buyers can have more money to put down up front or buy new furniture.” First time buyers may also qualify for a first time buyer tax credit for up to $7500.

To Learn more about bank-owned properties, first-time buyer tax credit, or to set up an appointment, contact Carlos Aguilar and his team of professionals at 619-209-5538 or email him at Carlos [at] TeamAguilar.com.

Please review the graph below provided by city data. It will give you detailed information about the values of real estate over the last few years. One thing to remember is that this home previously sold for $375,000 and is now for sale for $257,500. If you have questions about buying bank owned real estate please feel free to call us today. Thank You

MLS # 086021370

Carlos Aguilar    800-332-1687

Graph provided by City Data

Bienes Raices en San Diego are real estate services we provide!

Please call if you have any questions. Also feel free to view all of our other bank owned real estate for sale in San Diego by following this link.

 MLS # 076093523

Carlos Aguilar 800-332-1687

Bienes Raices en San Diego!!! Carlos is originally born in Mexico so he is able to work with all of the fluent Spanish speakers if you prefer to deal with a bilingual real estate agent in San Diego!

Call him today if you have any questions!

MLS #  086019796

Property Information – 6386 Rancho Mission #311, San Diego, CA 92108

Property being offered for $179,900

Call Carlos for Information on this property 800-332-1687

We sell bank owned real estate in San Diego. If this property does not interest you please feel free to view all of the other bank owned property for sale in San Diego. We also have a great foreclosures section full of useful information you can view about buying San Diego Foreclosures.

The price of this condo is currently listed at $74,900. It just came on the market today and is already creating a lot of interest. If you would like to view this condo please call us today and we will make arrangments to show it to you. You can also view all of our current San Diego bank owned foreclosures for sale by clicking on this link. Thank You.

Every week or so we run different reports in the MLS that give us a good idea of the Foreclosure listings currently on the market. Not every bank owned listing is listed below but this will give you a good idea of where you will see the larger volume of short sale in San Diego County. Obviously San Diego will lead the way but notice the high number of Bank Owned listings currently for sale in Chula Vista, Escondido and Oceanside. Please feel free to take a look at all of the available bank owed homes below. Please view all of the current listings in our Foreclosure section. You will see that we update our bank owned listings every week.

San Diego Foreclosures 292 active Chula Vista Foreclosures 137 active Escondido Foreclosures 92 active Oceanside Foreclosures 62 active El Cajon Foreclosures 54 active Spring Valley Foreclosures 42 active San Marcos Foreclosures 36 active Vista Foreclosures 32 active Santee Foreclosures 19 active National City Foreclosures 18 active Lemon Grove Foreclosures 15 active Ramona Foreclosures 14 active Carlsbad Foreclosures 13 active Lakeside Foreclosures 13 active La Mesa Foreclosures 12 active Fallbrook Foreclosures 9 active Imperial Beach Foreclosures 6 active Poway Foreclosures 5 active Valley Center Foreclosures 5 active Bonsall Foreclosures 4 active Pine Valley Foreclosures 4 active CAMPO Foreclosures 3 active Bonita Foreclosures 3 active Boulevard Foreclosures 2 active Cardiff By The Sea Foreclosures 2 active Jamul Foreclosures 2 active Potrero Foreclosures 2 active JACUMBA Foreclosures 2 active ALPINE Foreclosures 1 active Palomar Mountain Foreclosures 1 active Escondio Foreclosures 1 active Ramonaq Foreclosures 1 active La Jolla Foreclosures 1 active TECATE Foreclosures 1 active San Ysidro Foreclosures 1 active Rancho Bernardo Foreclosures 1 active Solana Beach Foreclosures 1 active

If you are interested in buying foreclosures in San Diego please feel free to read our recent post about different ways to purchase foreclosures. We sell a lot of foreclosures so please feel free to view all of the San Diego Foreclosure information available. There are several different articles about buying foreclosures. We also recently took a listing in the Encanto area of San Diego. If you are looking for a bank owned home in Encanto please view the listing in our bank owned listings section.

This is a great condo in a great area. We are holding regular open houses so please call to get additional information about viewing this or any other bank owned real estate in the Downtown San Diego area. We specialize in selling foreclosure real estate in San Diego County. Please contact us to help you find the bank owned home that will work for you.