Foreclosure sales in Riverside County fell by double digits for the second consecutive month, a real estate tracking firm reported today.
Bay Area-based ForeclosureRadar.com‘s monthly “Foreclosure Report” showed a total 663 repossessed properties were sold countywide in December, compared to 886 in November, a roughly 25 percent drop.
That followed a 15 percent decline during the last reporting period.
The county’s foreclosure sales were down 39 percent from a year ago, when 1,092 homes were auctioned off, figures showed.
In California, sales of distressed properties sank 22 percent in December, and were down 48 percent compared to the same period in 2011.
ForeclosureRadar.com founder Sean O’Toole said the trend should not discourage property investors, who will continue to find opportunities even though the competition will be tighter in the year ahead.
“I remain relatively bullish on the housing market for 2013,” O’Toole said. “While the impacts of higher taxes, the lack of fiscal discipline and the possibility of a `black swan’ leave me concerned about the economy as a whole, I believe housing will prove a safer investment then most other alternatives.”
An Inland Empire real estate aficionado, Bruce Norris, predicted recently that Southern California home prices will climb by as much as 20 percent this year.