At the beginning of the year it looked like foreclosures were picking up.  But those pesky lenders are teasing us again – the April foreclosures have slowed considerably.

Here are the counts of SFRs foreclosed in North SD County Coastal, YTD (La Jolla to Carlsbad):

January: 49

February: 26

March: 43

April: 15

Without more foreclosed properties to sell, the inventory will continue to be bleak – homeowners with equity and lower motivation are either priced to sit, or on the sidelines.

Yet sales keep happening – consider this one that hit the market Friday at almost $500/sf:

The seller, who just got his license and is working on his first sale, did some smart things, like install a moderate line of Frigidaire stainless appliances to help disguise his original kitchen that needs a full renovation.  There are plenty of windows and light, and the yard has been tastefully arranged. 

But with only 2,258sf built in 1948 and just a peek ocean view from the upstairs master only, the $1,074,000 list price still sounded optimistic……and he got a full price offer on Easter Sunday!

We need more foreclosures just to add something to inventory!

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