By signing into my site, you can access your favorites from any computer and get e-mail updates when new listings come in that match your recent searches.
March 16th, 2009 2:00 PM by David W. Welch
I have seen a few people searching for Baldwin Park foreclosures, and thought I would do a little research. In the tri-county area there are 23,632 homes for sale with 9,396 of them in distress. I define distressed properties as those identified as: 3rd part approval required, pre-foreclosure, in-foreclosure, bank owned, and short sale. Overall in the tri-county area the distressed properties make up just about 40% of the available properties. that number has been fairly steady after creeping up pretty steadily most of last year. It is actually down slightly from the beginning of the year by about 200 homes.
Of the sold homes, last month about 58% were distressed properties in February which is just slightly higher than the 57% in January. So far in March about 57% of the closed sales are distressed. So this is also staying somewhat consistent after ramping up through 2008. Pending sales are also remaining consistent with about 67% of them in distress. I am also happy to see that so far this month there are 492 closed sales in the Orlando area. It looks like we could see 1,400 or more closed sales in March. We did not see that many sales in 2008 until June.
Back to Baldwin Park and the foreclosure or distressed market in my neighborhood. Of the 128 active listings 28 are distressed or 22%. There are 15 or 43% distressed properties out of 35 pending. Of the 14 sales closed in February 5 or 36% were designated as distressed. Overall Baldwin Park is about 200 basis points (20 percentage points) lower than the rest of the market with respect to the percentage of distressed properties.
Active 22% compared to 40%, Pending 43% compared to 67% and closed sales 36% compared to 57%.
David Welch, Real Estate Optimist