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:
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.
The HomeDex Report, provided by the North San Diego County Association of Realtors, shows housing data for the month of October. In summary:
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.
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.
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 foreclosure indications were mixed in San Diego County for the month of October according to a recent article in the San Diego Daily Transcript. Trustee 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.
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7030 Avenida Encinas #100 Carlsbad, CA 92011
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