Simi Valley Foreclosed Homes and the houses for sale have shown a downward trajectory following the national trend. Though Simi Valley is an economic hub, the number of government foreclosures and houses for sale has gone up dramatically. Simi Valley real estate has seen great strides in realty sector with the recent developments in mortgage lending slowing its pace. As, the border county of Greater Los Angeles area, it has always been a favorite in realty markets. The recent trends are as follows:
Houses for Sale
Number: 500
Median Price: $500,000
Price change from Feb: 3.3 %
Foreclosure Auctions
Number: 800
Median Price: $390,000
Price change from Feb: -1.1%
New Houses
Number: 3
Median Price: $855,000
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 Simi Valley, 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 52% of the real estate owners going for loan modification lose their ownership anyway. The downfall of Simi Valley 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 Simi Valley with growing number of foreclosed homes and houses for sale can be attributed to the following bare facts:
- Sub-prime Loans
- Cheaper Loans
- Low Fed Rate
- No requirement for a 20% down payment
- 100% finance home loans
Real estate auctions listings enlist a number of government foreclosures, foreclosure auctions, real estates, houses for sale, and property auctions. The service increases our search capability to help us find out dream deal. But, before agreeing to such deal, its important to verify a few things.
- The declared floor area and the actual floor area is the same
- No legal anomalies
- Impeccable mortgage history
- Condition of the house and whether it needs renovation and at how much cost.
- Location declared and the actual address.
