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Foreclosures continue to bring prices down (Posted Date :Saturday, October 11, 2008) |
Prices of existing homes in the Victor Valley fell a staggering 6.6 percent in October but the pace of local home sales soared more than 300 percent from last year, according to a report released Monday.
Local home sales actually jumped 3.5 percent in October, despite an anticipated seasonal slowdown, according to figures compiled by Larry Trombley of Century 21 Rose Realty in Hesperia. On average, local home prices hovered near 2002 levels.
The average existing home sold in October was 14 years old , almost 1,900 square feet and selling for $155,179, according to figures from the Victor Valley Multiple Listing Service.
Fully 88 percent of local homes sold in October were foreclosures, and just over half of local homes on the market are repos.
Nationally, October pre-foreclosure filings were off more than 10 percent from August’s highs, according to Foreclosures.com.
Properties repossessed by lenders following foreclosure fell 22 percent nationally, according to the Web site.
“These latest foreclosure numbers are great news because pre-foreclosures are early signals
of what’s to come,” said Alexis McGee, president of Foreclosures.com. “The nation’s foreclosure free fall may be subsiding. We still have a long way to go, and some of the recent numbers are skewed by lender programs for homeowners that delay rather than eliminate foreclosures.”
FROM STAFF REPORTS
By : Daily Press |
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