RESIDENTIAL REAL ESTATE : Banks’ Foreclosures on Raw Land Taken as Positive Sign for the Market
Laguna Hills marketing consultant Tim Hamilton said he has spotted a new sign of life in the Southern California residential market.
Several banks he works with are moving to complete long-pending foreclosures on raw land in the Inland Empire and Ventura County. “They hadn’t foreclosed earlier because they had little or no chance of selling the properties to anyone else,” Hamilton said. “But now there are some buyers out there, and the prices being offered are pretty decent.”
Those prices still reflect a discount from the last selling price--which the banks financed--but at least builders have a growing interest in finding new properties, Hamilton said. The result, he predicts, “will be more houses at more affordable prices. And if that keeps up, we could see this whole slump turn around.”
Add Hamilton: He says builders are finally getting the message that people “are tired of pink stucco and red tile roofs.”
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