Number of Foreclosures Dwindles Locally

July 19, 2009 7:20:43 PM PDT
California continues to rank among the top states for foreclosures according to RealtyTrac, an on-line company that tracks real estate trends.However, Action News has received the latest statistics revealing a different trend. New numbers locally show a drop in the number of foreclosed homes available.

Realtors Action News spoke to agree this is a buyer's market, for now. However, when demand for homes is up and supply is down median home prices start to rise.

This is the 6th home Jennifer Putica and Hamid Salahi have toured here in Fresno.

"100% buyers market. That's why we decided to buy rather than renting," said Jennifer.

These first time homebuyers want to find a place to live before they marry in December. Realtor Tommy Smith is showing them one of only a couple hundred foreclosed homes remaining in the area.

"Lot of buyers are out there because of the tax credit and low interest rate," said real estate talk show host Don Scordino.

Scordino said demand for homes is up but the number available is down. "We have half, half as many homes on the market today as we did a year."

There are 1,500 homes for sale in the Fresno, Clovis market right now. 250 of them are foreclosures. In January there were 950 foreclosures up for grabs.

Scordino believes many homeowners are refinancing and modifying loans to avoid losing their house. But warns the lack of homes available could create another problem.

Scordino: "Typically prices go up. One thing I would love in our market is a little stability!"

By the time this couple ties the knot they hope to celebrate with a home of their own while keeping some money in their pocket.

"It's definitely two possibly stressful times of our lives but we're good partners. It makes it easier," said Putica.

The average asking price for a foreclosed home in Fresno county right now is about $163,000. The home just toured was $122,000.

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