Which Ventura County City Has The Most Bank Owned Homes/REOs?
- Written by Mana Tulberg
- Posted October 1, 2009 at 1:51 pm
The low price and the short time it takes to purchase a bank owned/Real Estate Owned (REO) home have made these type of properties very attractive to Ventura County home buyers. Almost 40% of the homes sold in Ventura County in the first 9 months of 2009 were bank owned/REO homes.
REO homes are properties that the lender was not able to sell in a foreclosure auction. The unsold homes are then put back on the market at a very competitive price.
The table below compares the number of REO homes sold and their median sold price in different cities of Ventura County between January 1st, 2009 to September 1, 2009.
REOs in Ventura County From 01/01/2009-09/01/2009
| City | Total # Of Homes Sold | # Of REO Sold | Average Days On The Market | Median Sold Price Of REO | % REO |
|---|---|---|---|---|---|
| Oxnard | 1454 | 973 | 54 | $230,500 | 66.9% |
| Santa Paula | 155 | 96 | 55 | $200,000 | 61.9% |
| Fillmore | 117 | 62 | 60 | $227,500 | 53% |
| Ojai | 147 | 57 | 57 | $327,000 | 38.8% |
| Ventura | 588 | 221 | 46 | $300,000 | 37.6% |
| Moorpark | 230 | 76 | 46 | $284,750 | 33% |
| Simi Valley | 769 | 225 | 38 | $327,000 | 29.3% |
| Port Hueneme | 134 | 37 | 58 | $534,900 | 27.6% |
| Thousand Oaks | 497 | 115 | 50 | $323,000 | 23.1% |
| Camarillo | 501 | 133 | 44 | $380,000 | 22.5% |
| Newbury Park | 231 | 48 | 50 | $415,500 | 20.8% |
| Westlake Village | 211 | 18 | 68 | $432,500 | 8.5% |
As seen in the table above, the City of Oxnard has the highest percentage of REO sales. At the sale period of time Westlake Village had the least number of sold REOs in all of Ventura County.
If you need any help buying a bank owned/REO home in Ventura County please feel free to contact me, Mana Tulberg: (805) 443-8898.
Nice bit of research Mana!
Thank you Kathleen.