As mortgage lenders develop their loan workout programs, the number of lender-owned properties coming on the market may slow down. In the meantime, many REO (real estate owned, or bank owned) properties are an opportunity for the investors and 1st-time buyers who are ready to buy.Long Beach - 14% of the single family houses and condos listed in the CARETS-SoCalMLS (new expanded version of combined MLSs in Los Angeles, Riverside, Orange and San Bernardino Counties as of 11/11/2008!) are REO properties: 228 out of a total of 1,636.
Multi-unit (2+ units): 11%, 44 out of a total of 389.
(for photo at right, see post on Long Beach Ebell)
Cerritos - 10% of SFRs and condos: 11 out of a total of 112.
Lakewood - 13% of SFRs and condos: 29 out of a total of 226.
Multi-unit listings: 0 out of 9 listings.
Signal Hill - 11% of SFRs and condos: 5 out of a total of 55.
Multi-unit listings: 0 out of 10 listings.
Huntington Beach - 6% of SFRs and condos: 42 out of a total of 647.
Multi-units: 0 out of a total of 55.
Los Alamitos/Rossmoor - 5% of SFRs and condos: 4 out of a total of 73.
Seal Beach - 1% of SFRs and condos: 1 out of a total of 68.
Cypress - 4% of SFRs and condos: 4 out of a total of 90.
San Pedro - 4% of SFRs and condos: 11 out of a total of 280.
Multi-units: 14%, 2 out of 14.
Active listings only are given here, but for reference, per Dataquick on 10/23: "Foreclosure resales have emerged as a major market factor, accounting for 47.6 percent of all California resale activity last quarter." Not all market areas are equally impacted.
What is not shown in the list above are other "special condition" listings, such as short sales, probates, relocation or bankruptcy listings. The short sale listings in particular are an indication of future REO listings. For a list of short sale listings, please contact me.
For a comprehensive list of REO properties not all of which may be listed on the MLS, contact me.
For information on guidelines for loan modification, please contact me. I may be able to help you with Countrywide, Washington Mutual/Chase, IndyMac, Citigroup and the Hope for Homeowners.
