Temecula Foreclosures Aided by City Backed Apartment Plan
Category: Real Estate Trends
Published: Tuesday, August 18, 2009
Buyers of Temecula bank homes may have less competition from first time homebuyers in the coming months, thanks to a plan by the City of Temecula to complete 110 half-finished condominiums and turn them into affordable housing apartments for rent. The project, located at the intersection of Margarita Road and Temecula Parkway, consists of 110 condominiums that stopped construction after the construction industry stalled earlier this year with the rest of the economy. The City is negotiating to purchase the project and complete work on the condos, which would then be available for renters meeting affordable housing income restrictions.
Many would-be homeowners are finding great bargains among Temecula foreclosures and Murrieta bank homes, creating intense competition for these affordable Temecula bank owned houses in the desirable Temecula Valley. The rental project proposed by the City of Temecula would create new housing opportunities for some of these potential buyers who may be stretching their finances, even with the historic low prices on today's Southwest Riverside County foreclosures.
Nearly 8,000 Temecula, Menifee, Murrieta Foreclosures Still Available
This is good news for people who have been competing for Southwest Riverside County bank homes. While there are thousands of affordable Temecula bank owned homes, Menifee foreclosed homes and Murrieta bank owned homes on the market, the demand for these attractive homes in quality neighborhoods has driven prices slightly higher in recent months.
A recent check of the numbers revealed that the median home values among Murrieta foreclosures is currently at $230,000, up 3% from May of this year, while the total number of Murrieta foreclosed homes on the market was 4,320. Similar stats can be found among both Temecula and Menifee foreclosures. The total number of Southwest Riverside County foreclosures, including Lake Elsinore foreclosures and French Valley or Winchester foreclosures exceed 7,500 homes. The net result - opportunities abound for buyers looking for affordable homes in the beautiful Temecula Valley.
The team members at Oak Tree Realty Group Murrieta are your Southwest Riverside County foreclosures specialists and can help you find Murrieta bank homes, Temecula foreclosures, Winchester foreclosures or Menifee bank homes that fit your lifestyle and your budget. Contact the neighborhood specialists today at 1-877-226-4800.
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