Pasadena is a dynamic city in Los Angeles County, in California State of the US. It is an important sport, cultural and scientific hub of San Gabriel Valley. Pasadena plays home to such institutions as Caltech {California Institute of Technology}, the Jet Propulsion Laboratory {the key robotics arm of NASA}, California School of Culinary Arts, and Norton Simon Museum of Art.
Pasadena’s suburbs include the following cities, among several others: Cerritos, Agoura Hills, Baldwin Park, Avalon, Bradbury, Azusa, Bell Gardens, Beverly Hills, Burbank, Duarte, Claremont, El Monte, Cudahy, Glendale, Culver City, Hawaiian Gardens, Diamond Bar, Hawthorne, Lakewood, Huntington Park, Lancaster, Inglewood, Los Angeles, La Puente, Malibu, La Verne, Lawndale, Manhattan Beach, Lynwood, Montebello, Rolling Hills, Monterey Park, Rosemead, Norwalk, San Gabriel, Pomona, Santa Clarita, Santa Fe Springs, Walnut, Santa Monica, West Covina, South Gate, Temple City, Westlake Village, Torrance, Whittier and Vernon.
California: Heart of Foreclosures Squall
Pasadena government foreclosures have kept pace with the unabated surge of home seizures throughout the US. Indeed, California appears to have been the most drastically affected by this trend. This state accounts for roughly a third of all the government foreclosures that have occurred in the US. During August, 2008, government foreclosures saw a 12 percent rise over the previous month. As much as one in every 416 US households succumbed to foreclosures during just this one month. During Q2 or the second quarter of 2008, one out of every 65 Californian homes was foreclosed. Nevertheless, these seized homes signify attractive opportunities of buying excellent homes at affordable prices for intending buyers on the other side of the economic divide.
Profiting from Pasadena Property Auctions
Pasadena at present has 645 homes figuring among the foreclosure properties that are offered for sale through imminent property auctions there. These homes command the median listed price of $368,000. Moreover, this average price has climbed down by over 18 percent from the previous month’s figure. In contrast, the other 531 FSBO {for sale by owner} homes that are on sale sport the exorbitant median listed price of $599,900. At face value, it will become obvious that the foreclosed homes are being offered at rates that appear to be at a considerable discount over the prevailing property prices. This is inevitable, given the strange economics that foreclosure auctions involve. To elaborate, banks and government agencies like HUD, VA and Fannie Mae seize homes when their owners consistently default in making payments on the loans that had been advanced to them. At the real estate listings auctions, such auctioneers are concerned merely with salvaging the balance loan amounts from the sale of the houses. Hence, the foreclosed homes are frequently sold at half their customary prices. The buyers reap a bonanza at the expense of the disinherited homeowners. Pasadena property auctions will seem a lot more maneuverable to you if you were to employ the services of a competent agent such as Edward Levine, Jeffrey Broker Kam, Hoss MacVaughan and Harry Kaladjian, all of whom are leading property brokers there.
