RealtyStore reviews the foreclosure inventory in Riverside County, California and finds 50% of the area's foreclosures are actively listed. List prices are nearer the market median.
Online PR News – 04-February-2011 – – Santa Barbara, CA --- The latest RealtyStore review of Riverside County, California foreclosure inventory shows foreclosure listing median prices closer to market median prices, compared to other Southern California counties. According to recent RealtyStore reviews, Los Angeles County and San Diego County foreclosure median prices were 27% and 25% below their market median prices. Riverside County foreclosure listings currently show a median price of 17% below the total market median. In dollars, the difference between Riverside County's foreclosure median price of $175,000 and the market media price of $210,000 is $35,000.
An inventory analysis revealed 8,093 foreclosures held in Riverside County. Bank foreclosures represent 71%, or 5,779, of the total. Ownership of government foreclosures break down with 2,211 held by Fannie Mae / Freddie Mac, 102 HUD homes and 1 VA foreclosure. Of the total inventory, just under 50% has not been brought to market yet. These dormant foreclosure listings contribute to Riverside County's shadow inventory.
"Although current foreclosure list prices are relatively nearer the market median in Riverside County, this could change depending on how REO sellers price their remaining shadow inventory and when they decide to list them on the market," noted Peter Ranck, Vice President, RealtyStore.
A pricing analysis of active listings for Riverside County showed 57% of real estate foreclosures are listed under $200,000. Comparing pricing by seller, government foreclosures are priced below bank owned homes. HUD and the VA show the lowest foreclosure median at $130,500, or 37% below market median. Freddie Mac / Fannie Mae foreclosure listings have a median price 20% under market at $168,000. Median price for bank foreclosures is $184,900 or 12% under the Riverside County market median.
Foreclosure listing prices in Riverside County break down as:
Under $50,000: 2%
$ 51,000 - $ 100,000: 11%
$ 101,000 - $ 200,000: 44%
$ 210,000 - $ 300,000: 24%
$ 301,000 - $ 400,000: 15%
$ 401,000 - $ 500,000: 2%
$ 501,000 + : 2%
REO = Acronym for Real Estate Owned. Real estate foreclosed with title held by a bank or other lender, or a government enterprise (GSE) including the VA, HUD or Fannie Mae / Freddie Mac.
Foreclosure listing = An REO with a for-sale price, actively listed.
Median price = That published list price point where one-half of listed homes are higher and one-half are listed lower.
Shadow inventory = The REO inventory held by institutional owners, which is not actively listed for sale with a published re-sale asking price.
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)