Welcome to the DevoreRealtyGroup.com Blog

2012-11-20 07:57:24
Prices and foreclosures...good news!

Where has the time gone?

 

We have been so busy – which is a good thing for our clients! – that we haven’t had time to sit down and share the latest real estate news and information.  So, here are the high points since our last post: 

Home Prices

National

S&P/Case-Shiller Index Rises Again

The S&P/Case-Shiller Index, which reports on August sales for the nation, was discussed on CNNMoney in a very informative article.  The report said that home prices jumped 0.9% in the 20-major city index.  This is the fifth consecutive month of increases.

National Association of Realtors Reports More Increases

An article on Bloomberg.com reported that, according to the National Association of Realtors, prices for single-family homes rose in 81% of U.S. cities in the third quarter of the year.  The median sales price increased in 120 of 149 metropolitan areas.  In the second quarter, 110 had gains.

Another article in the San Diego Daily Transcript reported that sales of previously-occupied homes rose in October, so sales and prices are both on the rise.

Discounts For Foreclosures Decrease

An interesting piece of information was reported by Zillow.  An article on their website reported that the national average discount for a foreclosure versus a similar non-distressed property was 7.7%.  That is down quite a bit from the peak of 23.7% in August of 2009.

Housing Turnaround Faces a Hurdle

While most people believe that 2013 will see a return of increasing home prices, the relative difficulty of obtaining a mortgage may make that a bit challenging.  A recent article in the San Diego Daily Transcript quotes Federal Reserve Chairman Ben Bernanke as saying that the difficulty for would-be home buyers to qualify for a mortgage are making homeownership rates stay low.  Lenders are still stringent on their guidelines in response to the severe downturn in housing prices over the last five years and that needs to change if prices are going to increase.

Local

HomeDex Report 

The HomeDex Report, provided by the North San Diego County Association of Realtors, shows housing data for the month of October.  In summary:

  • The median price for all North County home sales - attached and  detached - fell to $396,000 in October 2012 compared to $410,000 in September 2012.
  • Detached homes in North County decreased 0.52% in October 2012 to $477,500 compared to $480,000 in September 2012.
  • The countywide median SFD price increased slightly at 0.60% to $367,200 in October 2012 compared to $365,000 in September 2012.
  • The number of North San Diego SFD listings (active and contingent) declined 6.55% in October 2012 compared to September 2012.
  • The number of sold North San Diego County SFD units increased 9.39% in October 2012 compared to September 2012. Year-over sold SFD units jumped 48.05% compared to October 2011.
  • Median days-on-market for single-family detached homes sold in North County for October 2012 decreased to 38 days compared to 42 days in September 2012.

San Diego Association of Realtors Report

An article in the San Diego Daily Transcript reported that, according to SDAR, the median price of single-family homes in San Diego County was up 13% from a year ago.

Foreclosure News

National

Foreclosures Fall in 62% of Cities

A recent CNNMoney.com article reported that foreclosures fell in nearly two thirds of the nation’s 212 largest metro areas during the third quarter, according to RealtyTrac.  During September, foreclosure activity in 58% of the major metro markets had even dropped below September 2007 levels.

State

An article in the San Diego Daily Transcript reported that foreclosures for the entire state were down 4.91% from September and a staggering 34.82% from October 2011.

Local

Local foreclosure indications were mixed in San Diego County for the month of October according to a recent article in the San Diego Daily TranscriptTrustee deeds, which is the last step in the foreclosure process that transfers ownership back to the bank or to a third party, were up 11.1% from September but down 18.8% from October 2011.  Notices of default, which is the first step in the foreclosure process and indicates when a homeowner is behind on their payments at least 3 months or more, were down 6.1% from September to October and down a whopping 46.68% from October 2011.

 

We are experienced Rancho Carrillo Real Estate Agents. We offer affordable Rancho Carrillo homes for sale in Carlsbad. Some people refer to us as the Best Rancho Carrillo Real Estate agents since we have nearly 100 Rancho Carrillo sales.  Feel free to contact us for all your Rancho Carrillo Real Estate needs.

 

Bryan and Allison Devore

7030 Avenida Encinas #100 Carlsbad, CA 92011

DRE #01397835 

760-908-3838

Fax: 866-202-3502

 

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