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According to a report released by MDA DataQuick, Southern California home sales volume, particularly in San Diego County, has rebounded while homes prices in almost all counties plunged at a six year-record low.

Based on the firm’s data, median home prices in San Diego County plummeted by $22,000 to $328,000 for the month of August. Comparing it to the $517,000 peak last November 2005, the present figure clearly shows a 34.6 percentage decline.

As for home sale activity, there was a 56.4 percent rise in the number of sales transactions closed for September. Compared to 2,152 transactions last year, record showed 3,366 for the said month. This jump in sales activity was observed in the entire Southern California and only emphasized the really low home sales activity last year, when the foreclosure crisis was holding the market.

One of the things quite noticeable in the report is the increase in foreclosure sales, which basically showed that home buyers are favoring these repossessed properties over other homes. Of course, this is not surprising considering that these foreclosed properties are much more affordable and offer greater return potential.

The report also showed that about 47.3 percent of the sales transaction last September involved homes that were repossessed in the past 12 months. This is a significant rise to August’s 43.2 percent and September 2007’s 45.3 percent.

In a couple more days, the firm is expected to release new reports regarding the number of foreclosures in the state. If the current trend continues, the number of homes entering foreclosure will surely outpace the sales of these repo homes. In addition, DataQuick also expects more foreclosures after the financial market meltdown.

Home prices in Riverside and San Bernardino counties dropped by 36.8 and 36.9 percent respectively. Orange County’s declined by just 25.4 percent while Los Angeles County home prices was down by 31.4 percent.

Start your search for California Foreclosure Properties by CA Top Cities:

• Los Angeles Foreclosure Properties
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Although there are literally thousands of troubled borrowers losing their homes to foreclosure everyday, being in the same boat will still be devastating. For this reason, it is vital that you do everything possible in order to avoid foreclosure.

Being on the brink of foreclosure will surely make you panic. But you must refrain from doing so if you are serious about stopping foreclosure. The first step involves facing reality and accepting your situation. Again, if you simply deny the fact that you have a serious mortgage problem, you will certainly have difficulties seeing the big picture.

The next logical step is weighing your options. After careful assessment of your financial situation, you will come to the decision whether or not you can afford to keep your home. At this point, it is quite important to speak with your lender. The possibility of your lender agreeing to a loan modification is greater if you show them that you are sincere with your efforts to meet your mortgage obligations. If you like, you can seek the help of a foreclosure counselor to mediate the negotiations.

If the negotiations between you and your lender come to a halt, it might be time to consider other solutions that will help you avoid foreclosure. You might want to consider Re-financing, a Short Sale or a Deed in Lieu of Foreclosure.

On the other hand, you might want to consider selling the distressed home immediately especially if you think that you can no longer keep up with your mortgage payments. Right now, a lot of home buyers and real estate investors are on the look out for pre-foreclosure properties and you might be surprised with the healthy level of interest your “for sale” sign will generate.

Always remember that when foreclosure knocks on your door, you should not hide from it. If you do, you will lose the chance of avoiding a foreclosure entry on your credit record.

Start your search for Foreclosure Properties by USA Top Cities:

• Atlanta Foreclosure Properties
• Los Angeles Foreclosure Properties
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• Houston Foreclosure Properties

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Anywhere you look, you will notice that most local real estate markets are favoring buyers over sellers. But because of the current economic conditions, many buyers are still wondering if it is the right time to take the plunge. Of course, this is only logical considering the risks involved but if buyers check out the advantages they will most likely enjoy, then they should not wait any longer.

More Choices

One thing that buyers will be delighted with is the fact that there are presently a lot of homes for sale to choose from including repossessed properties. If you are looking to enjoy considerable savings, you will find these foreclosure homes to be perfect for your budget. Even with repair expenses, you will still end up with a good bargain.

Better Prices and More Incentives

Because of the tough competition among sellers, buyers will enjoy huge discounts. And with the declining home prices and sluggish home sales activity, you can certainly expect prices to go down even further. In some areas, there are already hints of a bottom and buyers should be aware of such condition in order to make sure that their investment will be successful.

Easier Negotiations

Since buyers have the upper hand, it will certainly be easier for them to win negotiations. This is probably the best reason why buyers are encouraged to take advantage of the favorable housing conditions. Sellers, at this point, are quite anxious to sell off their inventory of homes especially the distressed properties in order to cut back on holding costs.

With all these in mind, buyers should seriously consider getting back to the game. If you worried about the economy, you can get around this by doing some research about the foreclosure crisis. By learning more about the problems in the industry, buyers will be able to make informed decisions.

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