Foreclosure Update

2009-02-13T14:10:00.000-08:00

According to a report from Foreclosures.com, completed foreclosures in California dropped 31.5 percent from December to January - 14,351 foreclosures were completed in January, compared to 20,952 in December. So, have we turned the corner????

Well, that is yet to be determined, but one thing is for sure....This is a great time to buy distressed property. And there are several opportunities out there. and not just in California.
In January alone, Florida had 10,007 foreclosures, Texas had 5,367, and Arizona had 5,250.
Florida has the most pre-foreclosure filings, at 43,070.

So, with t a little homework on the market rents in a specified area, it is easy to find opportunities to get into cash producing real estate.

For example; we have a client who has a $250,000 Certificate of Deposit coming up, that if renewed for 1 year will make 2.5% from his bank. Instead off putting that cash into a CD, this conservative investor is looking at 2 bank owned homes at $100,000 each, that will rent at $1000 each per month! Subtracting all the expenses (property management, taxes, insurance, ect, and allowing for some vacancy), this investor is still looking at a 6 to 7% return. In the words of this investor - "That's a no-brainer"

There are opportunities out there. If you are sitting on a CD or have a 401K, we can show you how to get into cash flow positive real estate through out San Diego County.

San Diego Foreclosure Report

Foreclosure Update