In communities such as Baldwin Park which is mostly an area with high prices homes and few renters, homeowners are more likely to avoid foreclosure. In the last year 184 homes sold in this community and only about 18 percent of the distress sales there went in foreclosure. 16 percent qualified for short sales by showing evidence of hardship, such as a job loss, illness or death in the family. 68 percent of the sales were regular sales.
Not only can these homeowners emerge from short sales with their credit relatively intact, their neighborhood stands to recover more quickly because short-sale prices are typically higher than those of foreclosed properties.
Even so the number of short sales and bank owned changed with each month. From March of 2009 until March of 2010 there were 184 sold properties out of which 32% were either short sales or bank owned. From September 2009 to March 2010 there were 81 sold properties out of which 42% were either short sales or bank owned. From December 2009 to March 2010 there were 30 sold properties out of which 47% were either shorts sales or bank owned. The rate of short sales and bank owned went up in Baldwin Park about 15% in one year. It shows that the current real estate market is still abundant in short sales and bank owned.
But even though the number of short sales and bank owned went up in Baldwin Park the median sold price actually is steady and not decreasing. Properties in this community are still retaining its values and not going down as so many other communities in Orlando area.
The employment market has still not seen the improvement that we all hoped for but buyers are taking advantage of the tax credits, low interest rate and low prices. Also, investors who were able to see the downturn of the real estate market and waited for better deals now are coming out and buying real bargains.
