Hot market: Under $300K for foreclosed houses

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Worth reading: This story just posted on LATimes.com about the market for foreclosed houses, which includes the following nuggets/insights/claims:

‘REO homes (bank shorthand for ‘real estate owned’) that are in good condition and listed at $300,000 or less are drawing as many as 15 to 20 bids from home buyers and investors looking for bargains, area real estate agents report,’ Dinah Eng reports.

--’Right now, anything under $300,000 is a hot price,’ according to Century 21 Wright G.M. Earl Bonawitz, who is based in Temecula.

--’A $650,000 to $700,000 appraisal a year ago in some areas is now worth about $350,000,’ Bonawitz said. If you are scoring at home, that’s a discount from previous appraised price of up to 50%.

--’Prices are more realistic. Time on the market is coming down. I’ve seen bank-owned properties sold within five days recently, compared to an average of 95 days for REOs at the first of the year.’ -- Stephen Yeager, president and chief executive of Weichert, Realtors-Foothill Properties in the Inland Empire.

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Photo Credit: L.A. Times