With the sub-prime mortgage market taking a hit like it has in the early part of 2007, we have seen a large increase of distressed property. Major real estate markets have been effected. San Diego has seen some significant changes but not as bad as many other markets.

When you look at data in the San Diego area, the property that is selling is being sold at a fair market price. We are not seeing the fire sale we saw just a few months ago when your home would sell before you could put up a for sale sign. With mortgage rates increasing, allowing fewer people to afford to purchase and driving the demand down, it indirectly effects the family’s that have purchased a home thinking that they would be able to refinance into a lower payment after a few years. The increase in interest rates has increased the amount of property’s that will go into default.

REO property is the end result of a person loosing their home and the home going back to the bank to be sold. It becomes an REO property which stands for Real Estate Owned and now becomes the banks top priority to sell. Banks do not want to be in the real estate business and do not want to take back a property but unfortunately when all other avenues are exhausted the end result is foreclosure and the bank takes back the property so they can sell it.

REO property can be a great investment for investors and regular individuals looking to buy a home. It can also be a more complicated process to purchase a REO home but working with a experienced Real Estate Agent can help make the process fairly simple.

If you think that you may want to purchase REO or bank owned property and you are not sure where to start. Please call us today to discuss. We have a experienced team that works with many banks REO departments all over the country and we can help you find something depending on what your needs are. We have all of the San Diego Foreclosure Information you will need if you are looking to purchase foreclosures in San Diego County.

Carlos Aguilar

This entry was posted on Sunday, July 1st, 2007 at 6:11 pm and is filed under Bank Owned Homes in San Diego, Buying Foreclosures, Foreclosure, REO, Real Estate Short Sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.