Room Enough for a Catnap

In this lackluster real estate market potential homebuyers have been sitting on the fence, observing from the sidelines as the number of foreclosures keeps going up and home prices keep plummeting. What are they waiting for? Hopefully the right time to pounce on a devastated market, timing the bottom of the market before the turnaround begins.

Well, for one family it was the right time, an attractive property, and so they came off the fence and pounced at the opportunity of occupying a foreclosed property — quite literally, given that it’s a family of bobcats.

And they apparently have good taste too since the property is located in what is considered to be an upscale and well-groomed development in Lake Elsinore, Calif., called Tuscany Hills.

According to a report on KABC television, the bobcats have been seen lounging around on the back wall of the home, and have also been spotted up in the trees.

Local residents got their first glimpse of the cat family — two adults and three kittens — on August 27. The original report that went out said they were mountain lions, according to The Los Angeles Times. Representatives of animal control services noted that bobcats are not known to attack people, but this family probably came down the hill looking for food and this particular house — which has been vacant for at least six months — has a koi pond in the backyard.

A search on RealtyTrac.com this morning for the Lake Elsinore area revealed that 784 properties were in the pre-foreclosure stage of the process, while another 410 properties were set for auction and 1,313 properties have gone back to the lender as REOs.

A quick comparison of two zip codes in the Lake Elsinore area — 92530 and 92532 — shows a 17 percent increase in foreclosure filings in July from the previous month in both zips, while there was a 200 percent and a 138 percent increase in foreclosure filings respectively from July 2007.

In other words, if the bobcat family gets tired of hanging around this property, there’s plenty of a selection to choose from.