Buy San Diego foreclosures now – before it’s too late.

This is another article that pretty much sums up what is going on in the San Diego foreclosure market at this very moment…

By Les Christie, CNNMoney.com staff writer:

NEW YORK (CNNMoney.com) — You’ve heard of speed dating? It’s got nothin’ on foreclosure buying these days. In many places, anyone who wants to buy a foreclosure better act fast, or they’re going to come away with bupkus.

REOs, the industry term for homes repossessed by lenders and put back on the market, are often selling in a day — sometimes in less.

“We’re seeing REOs go very quickly. Offers come in immediately after the listing comes on the market, within 24 hours,” said Brad Geisen, founder of Foreclosure.com. Some homes have been put into contract in less than 90 minutes.

In Stockton, Calif., foreclosure ground zero, the market has changed radically. Last summer, Cesar Dias became famous for founding the “foreclosure tour,” in which he packed potential buyers on a bus and ferried them around to some of the thousands of distressed properties.

Today, the foreclosure tour in Stockton is history. There are too few REOs.

“For every listing that comes out, we have 10 buyers,” said Dias, an agent with Approved Real Estate Group. “We had a lot of inventory last summer. Now we’re down to 1,500 listings — from more than 5,000.”

San Diego buyers face the same trend. “Agents have one or two REO listings now, compared with 15 or 20 a year ago,” said realtor Adrianna Delgado of the Delgado Group.

And there’s almost no negotiating, no back-and-forth, after the initial bid. “We don’t get a counteroffer,” said Delgado. “The sellers just ask for your highest and best bid. If you’re not prepared to send in your best bid the first day, you may as well stop looking.”

In Florida there are so many buyers for foreclosure listings that real-estate investment companies, which had been snapping up properties, are now facing stiff competition, said Vanessa Grout, VP for acquisitions at New Valley, a real estate investment fund.

Even in distressed Detroit, REOs are still in high demand. “For a good house that’s not too beat up, in a good neighborhood, there’s no lack of buyers in this market,” said Andy Sakmar, founder of Century 21 Sakmar in the Motor City suburb of Rochester. “There are a lot fewer of these properties than a year ago, and the super buys get multiple offers.”

Priced for speed

The biggest factor in the feeding frenzy is, of course, rock-bottom prices. Banks are pricing homes to move.

Sakmar tells of an REO that recently went on sale in a community of mostly $300,000 homes. It was in good shape and should have sold for $200,000, in Sakmar’s opinion. Instead, the bank listed it for $129,000.

“It drew thirteen offers in two days,” he said.

That kind of cut-rate pricing is very common, according to Foreclosure.com’s Geisen. Instead of holding onto REOs for the best prices — and paying the property taxes and maintenance and heating costs — banks are selling the homes as quickly as possible.

“In this market, if they can liquidate them fast, it makes more sense to get them off the books,” he said.

The trend is causing intense agita for buyers. “People feel like they’re getting left out,” said Dias, the agent in Stockton. “We show a house on the weekend and it’s gone by Monday.”

read more…

California Real Estate Update from Bruce Norris

Just out today is The Norris Group Quarterly Newsletter… a Must Read for experienced and aspiring California Real Estate Investors.

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Click Here for the Newsletter Download Link
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Bruce Norris is perhaps the voice of god when it come to investing in California real estate and I have benefited greatly from following his advice over the years. I a crowded marketplace of so called Guru’s you have my word that Bruce Norris and his team actually do have your best interest at heart when it comes to the world of real estate and investing. This is not an endorsement I make often or take lightly.

Invest the 15 minutes or so it’s going to take to read this newsletter and even considering signing up for a few of the classes Bruce and his team are offering. It will be money and time well invested… in YOU.

The end of 2009 and into 2010 will really be an amazing buying opportunity for Southern California Real Estate. We have a ridiculous amount of foreclosures about to hit the market, some 900,000 Californian’s are NOT making their payments, SAD – but True.

I would love to see all my clients and friends be in the position to retire from a Job and pursue your life’s dreams as a result of having the predictable monthly cash flow that quality rental properties can bring your way. Yes, there are other means to getting this cash flow as well and I am a HUGE fan of developing Multiple Streams of Income to ensure the end result.

Please let me know how we can Mastermind your future success and create a plan for Financial Freedom. Although real estate is not the only method for creating wealth… the opportunity for amassing a secure future with cash-flow rentals in California is actually upon us. Five years ago did you ever think that we’d be in a position in Southern California to buy cash flow properties out of the gate? I sure didn’t think we’d see it like this. Is this the buying opportunity of a lifetime? Maybe… What do you think? Is it time to Buy San Diego Real Estate?

So, get to it… read this newsletter;

The Norris Group Newsletter – July 2009 – PDF

and Many Happy Returns… On Investment.

Travis.

Is California In A Recession?

NO, California nor the USA is in a recession… according to this recent article from the UCLA Anderson Forecast. 

The California forecast

UCLA Anderson Forecast economists Ryan Ratcliff and Jerry Nickelsburg look back at the California economy since World War II and come to two conclusions. First, the U.S. and California economies move together — there has never been a recession in California without a national recession. Second, the California recessions have twice been amplified and extended by long-lasting structural adjustments — the Southern California aerospace contraction in 1990 and the Northern California tech bust in 2001. The recession-only downturns have been sharp-but-short contractions driven by temporary job losses in manufacturing and construction. These recessions typically last less than a year, but both the aerospace and the tech adjustments took more than half-a-dozen years to complete.

Today’s economy fits neither of these patterns; our economy is in “uncharted waters,” they say. There are some negative signs, such as job loss in real estate-related sectors, but it is unlikely that these sectors can create enough job loss to generate the 2 to 3 percent declines in non-farm payroll employment that have characterized past recessions.

The forecast is for a very weak California economy in 2008. The “double-whammy” of construction and financial activities job loss will continue to drag at the economy.

“The current state of the California economy and our forecast fall short of the weakness in previous historical episodes that we’ve chosen to label recessions,” Ratcliff and Nickelsburg write. “Based on comparing the current economy to past recession episodes, we once again conclude that real estate weakness will remain a significant drag on the economy, leaving us treading water in 2008 — but not slipping under the waves into recession.”