Visalia Foreclosed Homes and the houses for sale have showed a downward trajectory following the national trend. Though Visalia is an economic hub, the number of foreclosures and houses for sale has gone up dramatically. Visalia real estate market has a history of slow but steady growth in the realty sector with the most affordable home loan rates in the central valley. As, the largest county of Tulare county, it has always been a hotspot. The recent trends are as follows:
Houses for Sale
Number: 200
Median Price: $247,000
Price change from Feb: -5.3 %
Foreclosure Auctions
Number: 1300
Median Price: $176,000
Price change from Feb: -0.1%
New Houses
Number: 13
Median Price: $282,000
Price change from Feb: -0.1%
The prices of houses for sale have seen 5% decrement since February. The prices of foreclosures homes have remained the same since February. Also, not much change is seen in the price tags of new homes. This may be due to the surplus of buyable foreclosure and houses.
In the context of the prices of foreclosed and houses for sale, it is imperative to look at the current mortgage rates in Visalia, California. They are as follows:
15 year fixed
Current: 5.006
Change form last week: -.102
30 year fixed
Current: 5.12
Change form last week: -.167
1 year Arm
Current: 4.2
Change form last week: -.052
3/1 year Arm
Current: 4.206
Change form last week: -.076
5/1 year arm
Current: 4.35
Change form last week: -.065
Again the mortgage rates are keeping up with national trend of depreciation. This trend is likely to be followed for quite a many weeks in the future.
The availability of foreclosed auctions and property auctions has gone up. A survey shows that more than 50% of the real estate owners going for loan modification lose their ownership anyway. The downfall of Visalia realty has it roots in the 2003, Fed rate of 1% which generated heaps of cheap money, inspiring the lenders to find more customers. After the recent economic rife, lot of these customers have become the candidates for government foreclosures and houses for sale.
The current situation in Visalia with growing number of foreclosed homes and houses for sale can be attributed to the following bare facts:
Low Fed Rate
Cheaper Loans
No requirement for a 20% down payment
100% finance home loans
Sub-prime Loans
Real estate auction listings file a number of government foreclosures, property auctions, real estate and houses for sale. But, if you are buying a home with a loan, a few issues have to be dealt for applying. They are: cross check your legal documents, verify legal documents and look for a clean mortgage history for the said home or real estate
The foreclosed homes and houses for sale are a matter of concern. Visalia, has an economy based on agriculture and after the freeze of Jan, 2007 lots of farmers called in for foreclosure. This is a critical development, since United States cannot afford to disgruntle the farmers in such morose economic conditions.
