search foreclosed homes in San Diego

San Diego Foreclosures Are Affordable For First Time Buyers

Group says more people can afford to buy their first San Diego Foreclosure or REO investment property.

A trade group for real estate agents says the percentage of Californians who can afford to buy their first foreclosure or Reo investment property increased in the last three months of 2007 compared to the same time a year earlier.

• The California Association of Realtors said that 33 percent of the households in the state earned enough money to afford to finance a San Diego foreclosure or REO investment property in the fourth quarter, up from 25 percent in the same three months of 2006.

• The trade group calculates affordability based on the minimum household income required to make a 10 percent down payment on an entry-level home and secure an adjustable interest rate loan at 6.21 percent.

• Buyers needed to earn $82,200 to afford financing $411,170, the price the trade association estimated for an entry-level home during the quarter.

If you are ready to make your first Real Estate purchase, now is the perfect time to take action. There are plenty of great deals out there right now, and most of them will get you quite a bit for your money, making it easier for first time buyers to afford a nicer home than they would have been able to purchase a few years ago. The first step would be to get pre-qualified for a mortgage, and then contact us, we will help you find the perfect investment.




 

Related Posts