Summerland,Penticton, Okanagan Success Stories and Happenings: Home foreclosures in the South Okanagan Town of Summerland BC have skyrocketed in the past few months.

Monday, March 12, 2012

Home foreclosures in the South Okanagan Town of Summerland BC have skyrocketed in the past few months.

Summerland Okanagan BC Foreclosures Skyrocket

Summerland BC

Home foreclosures in the South Okanagan Town of Summerland BC have skyrocketed in the past few months.

In Summerland, two 2800 square foot exclusive ‘high end’ Lakefront houses are selling for $1,795,000 just half of what the owners built them for in 2008. Including the cost of the valuable lakefront land, the cost to purchase this luxury address is just $641 per square foot.

Real estate agency Raymond MAASKE - Home Star Realty says in the past year, it used to be one or two foreclosures at a time. But not now………….

“I get calls probably very week from someone wanting me to find somebody to take over their mortgage,” MAASKE said.

A struggling economy is to blame for more people losing their homes in the South Okanagan Town of Summerland, BC but in the Kelowna area, the lure of luxury condominiums has waned as buyers turn to year-round sunshine destinations south of the border.

Buyers from Alberta and the Lower Mainland purchase luxury properties in Kelowna and in the South Okanagan Town of Summerland when the market was high in 2008. Now they are taking losses as prices have dropped, some by as much as 50%, which has sent foreclosures rates in the Okanagan through the roof.

There are currently 5 court ordered sales in Summerland BC, which is several times the amount three years ago.

See Summerland BC Foreclosures video here: