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2013-04-29 07:20:11
Weekly Real Estate Report for 4/29/13

Weekly Real Estate Report for 4/29/13


We apologize for running a couple of days behind.  Very busy few days.  Here is all of the news that's fit to post:


Percentage of Distressed Properties Drops in March

As the market continues it's steady path of improvement, the percentage of sales that were distressed - short sales and foreclosures - dropped throughout the state in March.  According to the California Association of Realtors, the share of equity sales throughout the state compared with total sales rose to their highest level since February 2008, recording a 72.1% share.  Equity sales made up 66.8% of all sales in February and only 51.2% in March 2012.

In San Diego, distressed properties comprised only 9% of sales in March, down from 15% in February and 26% in March of last year.

SD foreclosure rates down 1.12% in February from 2012

Foreclosure rates in San Diego-Carlsbad-San Marcos decreased for the month of February over the same period last year, according to CoreLogic.

The rate of San Diego-Carlsbad-San Marcos area foreclosures among outstanding mortgage loans was 0.98% for the month of February 2013, a decrease of 1.12% compared to February 2012 when the rate was 2.1%. Foreclosure activity in San Diego-Carlsbad-San Marcos was lower than the national foreclosure rate, which was 2.85% for February 2013.

Housing Market Inching Closer to Normal - According to Trulia

Trulia, a real estate website & provider of real estate information and data, recently posted its Housing Barometer.  Their barometer summarizes three key housing market indicators -- construction starts, existing home sales, and the delinquency-plus-foreclosure rate -- looking at how current conditions compare to those recorded at the depths of the housing crisis and those recorded before the housing bubble.  In all, the Housing Barometer puts the housing market at 56% of the way back to normal in March, compared to 54% in February and 33% a year ago.

Fannie Economists Project 1.8M Borrowers Could Regain Equity in 2013

The broadening housing recovery has firmed up home prices around the country, with the potential to restore many underwater mortgages to a position of positive equity, according to Fannie Mae’s Economic and Strategic Research (ESR) group.

Citing data from CoreLogic, Orawin Velz, Fannie Mae’s director of economic and strategic research, notes that 1.7 million properties moved from negative to positive equity last year. Provided the home price gains seen so far this year continue, Velz anticipates another 1.8 million properties will rise out of their underwater positions by the end of 2013.



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