Tag Archives: negative equity

How far underwater are San Diego borrowers?

How underwater are San Diego borrowers?

“The share of San Diego homeowners who are underwater on their mortgages has fallen but we are still higher than the national rate, based on a report released by real estate website Zillow on Thursday.

More than one-third of local borrowers owed more on their homes than their properties are worth in the second quarter (April to June,) down from 35.6 percent in the first quarter (January to March.)

The national rate also fell. The share of borrowers with negative equity was 30.9 percent in the second quarter, down from 31.4 percent in the first quarter.

Zillow’s economist Stan Humphries points to rising home prices as the reason for the drop in the underwater borrowers. San Diego home prices are at a four-year high, DataQuick numbers show.

Compared to other major cities, San Diego has a lower negative-equity rate than areas, including Las Vegas, Atlanta, Orlando, Phoenix and Riverside, areas that topped Zillow’s 30-city rankings for the second quarter.

Zillow, an online real estate information company, used loan data from TransUnion to draw its conclusions…”

Read the rest of SignOnSanDiego.com’s article here: How underwater are San Diego borrowers?”

 

Zillow Reports Home Gains in July, Predicts Market Decrease in Fall

Zillow Reports Home Gains in July, Predicts Market Decrease in Fall

Zillow: July Sees More Home Value Gains, Market to Cool in Fall

Zillow released on Tuesday its Real Estate Market Reports for July, revealing that the company’s Home Value Index hit $151,600 for the month, a 0.5 percent gain from June and a 1.2 percent increase year-over-year.

Of the metro areas covered in the reports, 62 percent saw home values climb during July, with only 49 of the 167 areas posting declines. Of the 30 largest areas covered, the Phoenix metro experienced the largest monthly increase (2.2 percent), followed by San Francisco (1.2 percent) and Denver (1.0 percent).

While rising home values may be taken as a sign of a healing market, Zillow chief economist Dr. Stan Humphries said these increases should simmer down in the coming months.

“This summer, the housing market continued to heal, as home values experienced their eighth consecutive month of increases,” Humphries said. “Tight inventory levels are leading to bidding wars and multiple offers across the country. Looking ahead, we expect to see less aggressive increases in the fall as rising values lift some would-be sellers out of negative equity, allowing them to place their homes on the market.”…

Read the rest of this article by DSNews.com online here: “Zillow: July Sees More Home Value Gains, Market to Cool in Fall”.

San Diego foreclosures remain at 4-year low

The Union Tribune San Diego had a great article on the state of San Diego county foreclosures–they’re currently at a 4-year low! Read the article below:

The number of San Diego County foreclosures in March stayed at its lowest point in more than four years, essentially mirroring the downward trend seen statewide, based on Tuesday’s DataQuick foreclosure report. An improving picture in the distressed market could be attributed to some pick-up in the national economy and increasing number of homeowners who short-sell their homes instead of letting them fall into foreclosure.

A little more than 500 homes fell into foreclosure last month, the lowest it’s been since November 2007, when the county recorded 478. The March total is 21 percent lower than the previous month’s and more than half of what it was a year ago.

Statewide, foreclosures in the first quarter of 2012 fell to their lowest level since the third quarter of 2007, when 24,209 trustee deeds were filed. They peaked at 79,511 in 2008’s third quarter.

Local and statewide numbers for default notices, the official start of the formal foreclosure process, were mixed in March, DataQuick numbers show.

San Diego County recorded 1,500, 17.4 percent bump from February but an 18.3 percent drop from a year ago.

The number of default…

Read the rest of this article by U~T San Diego’s Lily Leung here: “San Diego foreclosures remain at 4-year low“.