Listing service RealtyTrac says four out of every 10 California
homes sold between April and June…or 40%...were foreclosures.
"…which is extremely high. We'd expect to see less than 5%
of all sales be foreclosure-related in a normal, healthy
Daren Blomquist is RealtyTrac's Vice-President. He says on the
flipside, the average price of a foreclosure in the second-quarter,
$248,676, was higher.
"It was actually up about 4% from the previous quarter, it
was also up 4% from a year ago which we believe is a function of
the fact that there's somewhat of a limited supply of these
foreclosures available now."
"Limited supply" compared to the demand from buyers and
investors willing to buy them. Blomquist says the result is
foreclosure homes getting multiple offers well above asking