Hey California! Did you see President Obama with Leno last night? He was in California to speak with approximately 1,000 people in Los Angeles about the $145 million that will help resolve the foreclosure crisis by purchasing and rehabilitating vacant homes, and providing mortgage assistance and rehabilitation loans to existing homeowners. This is an effort to relieve the pressure on the market from California foreclosures.
There has been a lot of attention to nationwide foreclosures in the news lately. The number of foreclosures is up this month, and looks pretty drastic. This is partly because of the moratorium on foreclosures in December and through February, awaiting word from the White House on how the federal government would intervene. Now that the moratorium is over, foreclosed properties that were already set for auction have been again scheduled for sale, and now there is a backlog of them.
Foreclosures are pressuring the real estate market in many cities, but providing many opportunities for home ownership. Formerly investors and “house flippers” were the majority at Los Angeles foreclosure auctions. But now, regular home buyers who want a chance at an affordable home are flocking to Los Angeles foreclosure auctions.
While foreclosures in huge numbers hammer housing prices, efforts to sell the homes and get them off the market have two benefits. One is that once the large inventory of Los Angeles foreclosures is off the market, housing prices can stabilize and a true market value can again be established, with homeowners once again building equity. The second benefit is obvious – the buyer gets a home at a low price.
Buying a Los Angeles foreclosure is not without risk, since the buyer is responsible for repairs and all liens against the property, including taxes, construction liens, and second mortgages. When it comes to Los Angeles condos, it’s possible to have less risk exposure than with a freestanding house. We can help you with this. We can give you information about the building, the community, and assisting you in finding out the truth about all outstanding liens. We can also assist you with purchasing any foreclosure you choose, not just a condo.
Here at CondoDomain, we have partnered with RealtyTrac so that you can search all available and pending foreclosures in the Los Angeles area. Take a look at these, and then call us with your questions.