The banks are getting pretty aggressive this week with their REO's in Eastvale. 3 have listed in the last couple of days under $300k. I haven't seen very many under $300k so seeing 3 hit the market in the last few days is unusual.
The first and from the pics, the nicest is 6727 Black Hawk. This house is 3086 s/f with 5 bedrooms and 3 baths. It looks to have a nice kitchen and has some decent landscaping in the front. Purchased in late 06 for $590k it is now owned by the bank and listed for $299,900. Once all the fees are factored in this will easily be a 50% loss, even if it sells slightly above list.
Home 2 is 12849 Pattison St. This house is 2371 s/f and has 4 bedrooms and 2.5 baths. It was purchased in Oct 04 for $444k. The bank is the owner now and they want $292K.
The third house is 13936 Clearwater. This house is 2568 s/f and has 3 beds and 3 baths. It was purchased in july 05 for $500k. The current owner is a bank and they feel $298K will get the buyers off the fence (probably right too).
In addition to these 3 sub $300k homes there were a whole bunch hit the market in the very low $300s. So, is it a good time to buy? I'd still say no, it still appears that the prices are falling. All the data, whether from HousingTracker, Dataquick or even the NAR shows prices are still falling. Lehman came out last week and said they think California is only 1/2 way to the bottom. And we are still not down to the normal ratios of price to rent or price to income. We are getting close though. The IE has fallen farther and faster than much of the rest of California. I still think we have another 20% or so to go in the IE.