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| Thursday, Feb 21 2008 11:21 AM
Last Updated: Thursday, Feb 21 2008 11:07 AM
The number of bank-owned properties listed on the Bakersfield Multiple Listing Service, an index of properties for sale, topped the 1,000 mark Wednesday, according to Jon Vaughn, a real estate agent with RE/MAX Magic and the host of a morning real estate radio show, Real Estate Today.
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(Though some might better remember Vaughn for the “Mr. Master of Mortgage Fraud” song that made the internet rounds this summer.)
The MLS showed 1,017 bank-owned properties out of a total of 5,023 as of Wednesday, Vaughn said.
His tally included 979 single family, condo and HUD properties that have been foreclosed on and repossessed by banks, and 38 bank-owned residential income properties, such as duplexes, triplexes and the like.
The MLS includes listings for all of Kern County, as well as a small percentage of properties from other regions, he said.
“It’s going to make it really difficult for sellers out there who are trying to sell properties,” Vaughn said. The increasing inventory will continue to drive prices down, he said.
Those who are serious about buying will likely find deals, he said, but they may have to wade through the drawn out process of negotiating a purchase with a slow-to-respond institution, rather than a regular seller.