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Pasadena Braces for a Wave of Bank Foreclosures

Pasadena Braces for a Wave of Bank Foreclosures

I’ve been talking for awhile now about banks holding on to their Real Estate Owned (REO) properties to help close out 2008 in a better financial position.

As the new year begins, Pasadena is seeing a lot more foreclosure listings hitting the real estate market as banks are trying to push out the backlog of repossessed homes up for sale. I expect the inventory of foreclosed homes in Pasadena to swell over the next few months.

Currently, we’re begining to see some Pasadena condos, some even next to South Lake Avenue district, in the $200,000 range. Pasadena single family homes are now more affordable and the interest rates are the lowest they’ve been in the last fifty years even with a bit of a climb over the last week into the 5% range.

According to a recent foreclosure prevention report by the Federal Housing Finance Agency (FHFA), repossessions by Fannie Mae and Freddie Mac grew by nearly 25 percent from the second quarter to the third quarter of 2008, hitting 15,196 homes nationwide.

Looking at Pasadena real estate foreclosure statistics, we’ve seen a tremendous jump in volume.

      2nd quarter of 2008, there were only 7 foreclosed homes for sale and sold in Pasadena;

 

      3rd quarter of 2008, there were 21 foreclosed homes for sale and sold in Pasadena;

 

    4th quarter of 2008 saw the highest increase in Pasadena foreclosures for a total of 54.

The next few months will be telling.

In the meantime, keep track of available foreclosure homes in Pasadena, by clicking on this foreclosure link.

 

If you would like more information about any of these Pasadena homes, please call me at 626-629-8439.

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Posted on January 26th, 2009
Posted by: Irina Netchaev

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