Foreclosed Home Sales Pick Up

November 23, 2008 12:00:00 AM PST
More than six hundred foreclosed homes were sold in the Fresno/Clovis area last month. That's more than double the number sold all of last year.Don Scordino, Fresno Association of Realtors, says "Last year, in all of 2007, there were just under 300 foreclosed homes purchased. This year we're already around 2 thousand so far this year."

Home sales are also up throughout the state. In October, the number of homes being sold jumped 67% from last year and foreclosures made up more than half of those sales.

Here in the valley, Leslie and Anthony Gentile are buying their first home. After renting apartments for 7 years, they're able to afford a home that was in foreclosure. "We're really excited to own a house. I mean, who doesn't want to own a house? Just a couple hundred dollars more than we pay in rent and we own it," says Leslie.

In one way it's sad to see there are so many foreclosed homes this is also an opportunity for some of us who wouldn't be able to afford a house 2/3 years ago to purchase one," says Anthony.

The couple says the home needs a lot of work. But they're looking forward to turning the foreclosed property into their home.

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