Glendale foreclosure resales
For most of this year, I have been following the foreclosures at the time of the lender’s acquisition. This month we will look at the Glendale homes sold in August (2008) that were foreclosures (after the bank took them back from the former homeowner).
I am noting the most recent private party sales and the foreclosed August resale (to the new buyer).
Sale #2, reflects a nearly 20% decline but before we claim that prices dropped 20% in 2 years, we need to remember that foreclosed property are typically "beat up" - there is deferred maintenance.
Sale #4 appears to be "suspect" - we aren't typically seeing this amount of a price fluctuation in Glendale; the problem is when there is a story or something else behind the numbers the numbers may be misleading.
Sale #5 is simply a tragedy - the former homeowner purchased their home in 1959 for $18,000 and then lost it in foreclosure due to over borrowing.
I am noting the most recent private party sales and the foreclosed August resale (to the new buyer).
Sale #2, reflects a nearly 20% decline but before we claim that prices dropped 20% in 2 years, we need to remember that foreclosed property are typically "beat up" - there is deferred maintenance.
Sale #4 appears to be "suspect" - we aren't typically seeing this amount of a price fluctuation in Glendale; the problem is when there is a story or something else behind the numbers the numbers may be misleading.
Sale #5 is simply a tragedy - the former homeowner purchased their home in 1959 for $18,000 and then lost it in foreclosure due to over borrowing.
Very interesting information about your local market. Here in the Philadelphia area we have a large volume of homes on the market but not as much a of a price decrease. The obvious exceptions are areas that have an unusually high volume of foreclosures and short sales.
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Interesting comment, it's all about your perspective.
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