Bidding wars erupt on San Diego foreclosed homes
Around 2,000 of the 7,132 homes taken back by banks in the San Diego area of the US are up for sale, it has been revealed.
Some 4,287 other foreclosure properties in the desirable city are also going under the hammer in the next three months, according to HouseRebate.
Other figures show there are around 12,000 San Diego homes in the pre-foreclosure phase, meaning the Californian area looks set to be a property investment hotspot.
HouseRebate said:
“According to Sandicor, there were 2,610 San Diego home sales in July 2008. Approximately 30 per cent of these sales were San Diego bank owned properties due to foreclosures.
“Bidding wars are erupting on San Diego bank owned properties and banks are reacting quickly to the offers. San Diego investors and home buyers need to react quickly and make reasonable offers to secure a deal.”
Last month Reuters reported 20,000 San Diego County homes had gone into foreclosure so far this year – with some predicting the total could reach 40,000 by the end of 2008.
California, along with Nevada, currently has one of the highest foreclosure rates in the US, with the south of the sunshine state currently experiencing a glut of available property.
