It seems that after a prolonged slide where the housing market saw little demand, the amount of home sales in California are beginning to increase again thanks to the interest of foreclosure investors looking to buy foreclosed homes for discounted prices at auction.
After over two and a half years of a steady decline in home sales, the rate of home sales actually increased by 2.5% in April of 2008, and experts are attributing much of the increase to foreclosure sale purchases of foreclosed real estate. Buyers seek foreclosure homes because they are offered at incredible discounts, especially since the market in California is so flooded with them. California has the biggest foreclosure inventory in the nation, and with banks so overloaded with repossessed real estate, they are letting many properties go at auction for discounts of 40 to 50% off their actual value. Already this year, California has seen 30,000 foreclosure home sales across the state, and there are thousands more scheduled for the rest of the year.
Experts say removing some of the excess inventory of homes on the market is key to getting the housing market to rebound and for real estate to start gaining value again. Getting rid of foreclosure homes also has a more immediate effect on the value of properties in the neighborhood surrounding them. Home sales also jumped during April in Fort Myers, FL and Las Vegas, NV, where experts attribute foreclosure sales as the leading cause behind the statistics as well.
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