RealtyTrac recently listed those cities with the most foreclosures anticipated for 2013. Not one California location made the list, even those counties which had been amongst the foreclosure leaders in years past such as Riverside and San Bernardino counties. Compared to states like Florida, which had eight listings on the report, this is a landmark achievement and is another strong signal that the California real estate mark is about to experience a serious resurgence. It prompted the vice president of the reporting company, Daren Blomquist, to say, “What’s happening is California has been at the forefront of the crisis for years, but now, it’s also leading the way out.”
The locales that made the list had experienced at least a 20% increase in the volume of foreclosures. A number of factors has contributed to California’s improvement, such as increased short sales, a blossoming job market and an overall increase in demand. The short sales are a particular boon to the inventory issue as it allows distressed owners to sell properties at less than what is owed on the mortgage. And despite the decrease in number of distressed properties, the fact that demand is still increasing is most likely the most positive sign of all. It means that buyers are not just looking for bargain priced properties but are targeting cities such as Brea and Fullerton as sound long-term property investments.
Of course, this comes as no surprise to those of us who call Orange County and cities like Brea home. It is an ideal location not just for speculative property purchases but for relocation to raise a family and pursue new career opportunities. Brea is a city of perpetual opportunity and renewal. It is the reason why I have spent so many years helping so many families purchase a home in Brea and nearby communities such as Fullerton.
If these features and positive forecasts sound like appealing aspects of a community you would like to join, just drop me a line so we can start you on your search for the perfect Brea home.
City of Brea Real Estate
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