Foreclosures in Dorothy Street

Over the past one year, nearly half a dozen properties are in a state of foreclosure at Dorothy Street of Paso Robles. The neighbors are concerned about the fact that the increasing rate of foreclosure is going to bring down the value of properties badly in the real estate market of the region. About 1,468 foreclosure filings have been recorded in the San Luis Obispo County in the first 8 months of 2008. These included auction properties, default notices, etc. It is an almost 96 percent increase than the figure of 2007 during the same period. The owners of Dorothy Street houses used to boast of their properties once upon a time. However, the current wave of foreclosures has left them in great despair.

A Dorothy Street property that costs $259,900 is there in the real estate market for sale for the past one year but still none has come up for buying this property. The overall value of homes in California has come down significantly and more so in places where a lot of construction works were going on.

In August, the median price of homes in San Luis Obispo County was $420,000. It indicates a 17.4 percent fall from what it was a year ago during the same period. This stood at about $508,500 at that time. The sales activity of all types of homes in the county has come down to 15.2 percent in August in comparison to what it was a year ago during the same month.

One in every 36 households is facing a foreclosure at Paso Robles. It has recorded an increase of nearly 83 percent from what it was a year back. The home that has sold for about $550,000 two years back now costs about $400,000. This is however good news for those who buy homes with an extending view and therefore are expected to get back their value with the passage of time. Although there has been an increase in the rate of foreclosures in San Luis Obispo County, but according to the local real estate agents, the market is performing better than many other places.

This county shows that the number of foreclosures is much lesser than that of the figure in California. There were about 714 foreclosure filings in Santa Barbara County in the month of August, which were 258 in San Luis Obispo County during the same month.

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