Foreclosures of Stockton real estate are in high demand
Despite the common (and somewhat accurate) perception of foreclosures as being partially detrimental to the housing market, they can be an excellent option for homebuyers like yourself. If you're looking at Stockton real estate and are considering some of the city's foreclosed properties, you might want to make a deal sooner rather than later.
According to Huntington News, Stockton is one of several U.S. cities where the abundance of foreclosures is now drawing significant attention from buyers and investors, as well as real estate agents looking to boost their inventory. Stockton's once-massive collection of REO and bank-owned properties - reported in October 2011 as the highest in the nation by the Los Angeles Times - might soon decrease in large numbers.
Looking at the cheapest prices for these Stockton listings, you can see why they're attracting so much fuss - you can find three-bedroom (and even a handful of four-bedroom) listings well under $50,000. Granted, at that price, many are sold as-is with repair needs unaddressed, but even if you sunk tens of thousands into renovating such a home, you might still come out ahead.
Foreclosures aren't exclusively available on the cheap, if that's not what you're looking for. Gorgeous homes priced from $220,000 to well over $400,000 are also available, priced well below their actual worth, with four or five bedrooms, a minimum area of 2,000 square feet and locations in exclusive Stockton communities like Spanos and Brookside.