Foreclosed properties are sold at a discount but come with risks like repairs and title issues. Buyers can find them online or in newspapers. Getting a mortgage pre-approval is crucial. Renovation loans can help with repairs. Research the property's history for liens and title issues. Home inspections are vital as foreclosed homes are sold "as is." Buying at auction requires cash upfront. Consult an attorney for legal procedures. REO agents can assist in buying from lenders. The closing process varies based on the property type.

Understanding mortgage payments is key for borrowers. Fixed-rate mortgages provide stability with unchanging interest rates, ensuring predictable payments. Conversely, variable-rate mortgages have fluctuating interest rates linked to market changes, offering lower initial rates but higher risks. The calculation of fixed-rate mortgage payments uses a formula involving the loan amount, monthly interest rate, and loan term. Other factors like mortgage term, extra payments, and property expenses also affect payments. This knowledge can aid in making informed decisions for secure homeownership.

The California housing market rebounded in July, with home sales reaching a five-month high, driven by declining mortgage rates. Existing single-family home sales rose 3.6% from June and 4.1% year-over-year, totaling 279,810. The statewide median home price fell slightly to $886,560 but remains up 6.5% from July 2023. Inventory levels improved, with active listings increasing by 39%. The market is expected to maintain moderate growth, influenced by economic uncertainties and fluctuating interest rates.