cheap home

California State lying on the West Coast of USA runs along the Pacific. It is most populous state having four jumbo cities, a varied climate and diverse population. The landscape rises from the coastline to the woods, desert and mountains. It is the gold rush that changed the villages of California into boomtowns. Today foreclosures have made California dotted with bust towns. California cheap homes are dotting the region making investors and first time nest builders hone in for affordable accommodation.

The increased number of California cheap homes is direct fallout from the foreclosure crisis. Sub-prime mortgages with teaser rates were forcibly peddled to gullible borrowers, many of who were not fully conversant with English. The brokers vanished before the ink had dried on the agreement after pocketing handsome commissions.

When the interest rates began to spike the borrowers fell into default and millions came to be foreclosed upon by the lenders. There were so many foreclosures that soon the real estate market became flooded with an oversupply of houses. It led to prices tumbling with more seller and buyers. The result is California cheap homes are now flooding the market.

While California cheap homes dotting the state bear witness to the pain it also now points to a future of hope. Because of California cheap homes many buyers are once more getting a chance to move into affordable homes and realize their dreams.

The California cheap homes are usually the ones that have been foreclosed upon. In California both judicial and non-judicial foreclosures are allowed. The California cheap homes with the lowest prices are those sold at the auctions but the condition of these are questionable.

The California cheap homes bought during the pre-foreclosure stage could be relatively slightly higher priced but these are in shipshape condition as both the lenders and borrowers are eager to sell them. The California cheap homes bought after they have been repossessed by the banks are again priced higher than those sold in the court or trustee auction because one can inspect these units that have been given a face-lift repair by the banks.

Although buyers are flocking to California to make bulk purchases of cheap houses many are still hesitating hoping for prices to fall further. The indication is that February saw a jump in foreclosure numbers again after a lull in January. Defaults increased by 21.3% – nearly going back to the high days of April 2008.

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