El Monte Foreclosed Homes and the houses for sale have shown a depreciating realty market following the national trend. El Monte is the 191st largest city in United States, with a total population 0f more than 135,000. It has about 28000 households with a per capita income of $10,316. As, an important town of Los Angeles county, it has always been a place to watch out for. The recent trends are as follows:
Houses for Sale
Median Price: $350,000
Price change from Feb: 8.8%
Median Price: $338000
Price change from Feb: -6.0%
Median Price: $390,000
Price change from Feb: 0%
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 El Monte, California. They are as follows:
15 year fixed
Change form last week: -.102
30 year fixed
Change form last week: -.167
1 year Arm
Change form last week: -.052
3/1 year Arm
Change form last week: -.076
5/1 year arm
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 time.
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 El Monte 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 El Monte 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 besides mortgage loans on extra equity.
Traditionally real estate auction listings have been the first choice for finding property auctions, government foreclosures, foreclosure auctions etc. Some of these listings are well prepared professional documents, but quite a many are bogus. It is prudent to choose a respectable listing. These directories have a better quality of properties, real estate, houses for sale and are more comprehensive for all the income groups.
The foreclosed homes, government foreclosures and houses for sale are a matter of concern. El Monte has large ethnic population on top of a low per capita income. About 26% of the population is below poverty line and many of them homeless.