Condo and Detached Home Foreclosure Inventory in San Diego County

Many folks continually ask me “Can I still buy a foreclosure home.”   We’ve some positive news locally here in the San Diego Condo and Home market.  This has some buyers thinking that the foreclosure opportunity is drying up.  Not so.  I believe that since we are still seeing increased unemployment and remain to be in a depressed housing market, we will continue to see a trickle of foreclosed homes coming on the market for some time.  And I say trickle because the banks have been metering the release of foreclosure properties to the market for some time to increase the demand. 

The one element that may reduce the foreclosure inventory in the future is that many banks are putting in place more efficient means to deal with short sales.  And short sale approvals are more and more common with some agents having a 90% success rate on their short sale listings.  Obviously, the more foreclosure becomes avoidable the less inventory we’ll see.  But as of now there are enough homes in the pipeline to provide a trickle of foreclosed inventory for a good while.

Tara Steinke

Residential Sales and Appraisals | Managing Association, Solant Real Estate Advisors

619-384-6014