Foreclosure Listings Tighten Home Prices in San Bernardino County, California

Jan. 5, 2011 - PRLog -- Santa Barbara, CA --- A new foreclosure trends study of the housing market in San Bernardino County, California revealed foreclosed houses remain priced considerably below the market median price. RealtyStore (www.realtystore.com), the premier source of residential foreclosure listings and data nationwide, performed the study as part of an analysis of real estate foreclosures in select counties across the United States. RealtyStore's data shows San Bernardino County foreclosures overall are priced at a median price of $135,000, however median prices vary considerably by seller.

Bank foreclosures in San Bernardino County are the most numerous, and the most expensive of the local real estate foreclosures, posting $139,900 median price. The median price of a Fannie Mae foreclosure is close behind at $129,000. HUD homes offer the lowest median price of San Bernardino County foreclosures at $95,000.

The median price of all the 20,893 homes for sale in the county is $158,000. Foreclosure listings post a 15% lower median price at $135,000. By seller, the so-called foreclosure discount varies as 11% for bank foreclosures, 18% for Fannie Mae foreclosure and 39% for HUD homes. These are materially lower prices, and they reflect the active list or asking price only. Final sales prices may be negotiable.

"Although they do not offer the volume or breadth of selection of bank foreclosures, a government repossessed home for sale from Fannie Mae or HUD offers a very attractive purchase price when compared to the San Bernardino market on average," commented Peter Ranck, Vice President for RealtyStore. "43% of foreclosure listings in San Bernardino County are owned by government sponsored entities who appear to be highly motivated to sell their REO portfolio properties, given these price points. These homes may offer a nice financial alternative to home buyers from Los Angeles County, where another recent study revealed median foreclosure prices are running an average of more than $120,000 higher."

Price ranges by foreclosure seller in San Bernardino County spanned from $8,000 to $999,500 for an REO foreclosure selling from banks, to $11,500 through $514,900 for a Fannie Mae foreclosure, or starting at $36,500 up to $270,000 for a HUD foreclosure. See more details on these foreclosure listings at http://www.realtystore.com/foreclosures . Additional bank foreclosures can be viewed by visiting http://www.realtystore.com/foreclosures/bank-foreclosures.... Buyers interested in HUD homes search http://www.realtystore.com/foreclosures/hud-homes.

Glossary of foreclosure listings terms:
Median price = The mid point of all prices of homes listed for sale in the market. The point where half of homes for sale are priced above and half are listed below the reported median price.

REO foreclosure = Real Estate Owned. Homes or land fully foreclosed upon and having title fully assumed by a lending institution, bank or a government sponsored enterprise such as HUD homes, Freddie Mac, Fannie Mae or the VA.

Foreclosure listings = REO foreclosures actively listed for sale with a posted for-sale price.

About RealtyStore
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010).

Reporting methodology
The RealtyStore County Foreclosures Review provides the total number of REO (real estate owned) foreclosed properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders and inventory counts in any area can vary at any time. Counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.

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RealtyStore.com is the leading provider of foreclosure listings and discount property data nationwide. We empower our customers with listings, education and analysis required to identify and potentially maximize profits with undervalued real estate.