Foreclosure Listings in San Diego County Now 1 in 8 Homes for Sale

Jan. 31, 2011 - PRLog -- Santa Barbara, CA --- A new foreclosure inventory study was conducted on real estate foreclosures in San Diego County, California. The study's results revealed one in eight homes for sale in San Diego County is a foreclosure listing, according to RealtyStore. Foreclosure listings total 2,400 of the 19,300 homes currently listed for sale in the area. Further, banks own 75% of the 5,349 properties currently held in total as REO foreclosure inventory in the county. Bank foreclosures also posted the highest median listed price among foreclosure sellers, though median foreclosure list prices are running 25% below the market median price overall.

"On average, bank foreclosure listings are priced considerably higher than government owned foreclosures in San Diego County," noted Peter Ranck, Vice President at RealtyStore. "This is driven partly by the mix of price points covered by each seller. Banks hold many more higher end foreclosures than other foreclosure sellers here. Roughly 12% of all bank foreclosures are listed at prices over $500,000 in San Diego County, whereas less than 1% of government owned homes are priced over $500,000. However, both bank and government sellers offer foreclosed homes listed at prices starting below $45,000 in San Diego."

Further analysis of list prices per REO foreclosure seller showed Freddie Mac / Fannie Mae foreclosure listings range from $42,900 up to $739,880, with a median price of $219,900. HUD homes in San Diego start at $152,900 end at $505,000, with a median of $177,500. Bank foreclosures start at $44,900 and range up to $3.8 million for a hilltop, foreclosed La Jolla estate with ocean views. San Diego bank foreclosure pricing shows a median of $289,900.

Given a market median home price of $359,900 in San Diego County, HUD homes post the lowest median at 51% below market median. Fannie Mae / Freddie Mac foreclosure listings follow at 39% below market median. Bank foreclosures post a 19% lower median price relative to San Diego County's market median.

Listing incidence also varies by REO seller. HUD and the VA are most actively listing their foreclosures, with 100% of their San Diego portfolio currently listed for re-sale. Banks have the next highest incidence of foreclosure listing with 45% of all their San Diego REOs currently up for sale. Fannie Mae / Freddie Mac currently list 43% of their real estate foreclosures in San Diego County active on the market for re-sale.

The roughly 55% of San Diego County's foreclosures not actively listed contribute to the area's shadow inventory of foreclosed homes. These pending or dormant property listings are expected to appear on the market at some time in the future. The institutional owners of these remnant REO properties are expected to liquidate their holdings at some point. When and how these shadow homes are brought to market and disposed of could impact certain market prices in the future.

To see more foreclosure listings in California visit http://www.realtystore.com/foreclosures/california-forecl...

Search listings of Fannie Mae foreclosures through http://www.realtystore.com/foreclosures

See detailed bank REO foreclosures at http://www.realtystore.com/foreclosures/bank-foreclosures...

Terminology:

REO = Abbreviation for 'Real Estate Owned'. These are houses, condominiums, townhomes or land which completed the foreclosure process, having title fully assumed by a lending institution, bank or a government sponsored enterprise (GSE) such as the VA, Fannie Mae / Freddie Mac or HUD.

Foreclosure listing = An individual REO which is listed for re-sale with a published, public for-sale price.

Median price = That price point where one-half of home listings are priced above and one-half listed below the price.

Shadow inventory = The collection of REO property which is in a portfolio of institutionally owned assets, but currently unlisted with a re-sale price on the market.

Reporting methodology
RealtyStore County Foreclosure Trends studies provide the total number of REO foreclosure properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank, lending institution or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders, inventory counts and prices in any area can vary at any time. REO counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.

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About RealtyStore
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010)