Riverside Real Estate Attorney-California Home Sales Up in October

On November 24, 2011, in Bankruptcy, by Benjamin Yrungaray

According to the California Association of Realtors, Home Sales in California rose in October, marking the 6th consecutive month that home sales have increased.  Home Sales in Californis for 2011 were up over 10% from last years pending home sales in the state.  However, the Association of Realtors does not track home sale date seperately for Riverside and San Bernardino county.  Those sales appear to be down from 2010 and much of the data and articles on this site indicate that home prices and sales continue to suffer due to a poor local economy.

There is evidence that investors are zealously buying homes on the lower price range.  These investors are looking to turn around the property for a quick sale or to rent the home for positive cash flow.  While I think the indicators on existing sales for California are very misleading for much of Riverside and San Bernardino County, it is an indication that there are many looking to invest in real estate despite a major crash in that market and that these investors believe there is a future market for these properties.

I recently came across a foreclosure sale on the court steps outside the Riverside courthouse.  I was amazed at the hundred in attendance, many looking for a good investment to turn around and sell or rent.  These sales combined with the willingness that banks have to short sale is an indicator that there will continue to be homes on the market and hopefully sales will continue to climb, especially in the Inland Empire area.

 

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