Upcoming Foreclosures

Does the foreclosure of a california home equal a sale?

Recently, I've seen way that sales number for homes in california almost double compared to a year ago. I saw a blurb that bank foreclosures on a home show up as a home sale in california. I'm thinking this may possible explain the much higher rate of sales and dramatically lower prices. Anyone know if a bank foreclosure would show up as a home sale in california?

Public Comments

1. Any transfer of real estate equal some type of sale and certainly a foreclosure is a sale. The bank or lender takes the property as collateral for the unpaid mortgage loan. So when an appraiser is appraising a property these sales must be taken into consideration. I hope this has been of some use to you, good luck. "FIGHT ON"
2. The actual foreclosure is not counted as a sale. It only becomes a sale once the lender has successfully sold the property to another owner.