Government Foreclosures. Foreclosed Homes, Properties & Real Estate Auctions

California Foreclosures

Simi Valley Foreclosed Homes and Houses for Sale

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

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