Tag Archives: pre-recession

San Diego home prices increase

San Diego home prices are at 4-year high

“Home prices in San Diego County, still far from their pre-recession peaks, have risen to their highest level in four years, Tuesday’s DataQuick report shows. Home sales, which went through a five-month positive streak, have dropped.

The median price for all homes sold in July was $342,000. That’s the highest it’s been since August 2008, when the economy was in the dumps and the local median price was $350,000. The county peaked at $517,500 in November 2005.

July’s median price increased 1.9 percent from $335,500 recorded in June, and up 5.2 percent from the same time last year. Price boosts were most evident among condo resales. All five regions of the county saw price increases from a year ago. The hottest area was central San Diego, where the median price rose from $226,750 to $267,000, or nearly 18 percent.

The county recorded 3,565 sales in July, marking the first sales drop in five months. Transactions fell 5.1 percent from June, but they’re 17.2 percent higher than a year ago…”

Read the original article by Lily Leung at U~T San Diego here: “San Diego home prices are at 4-year high”.

Is the San Diego real estate market heating up?

Is the spring homebuying season heating up?

Last month, San Diego County saw its highest home-sale count for a March month since 2006 as it entered another spring home-buying season, Tuesday’s numbers from DataQuick show.

A total of 3,237 homes were sold in March, up 19.5 percent from February and up nearly 6 percent from a year ago. Big percentage bumps are natural from February to March throughout Southern California, historical records show, but it appears this is the best March San Diego County has seen in six years, when a total of 4,367 homes were sold.

Improvement aside, sales are still far below from pre-recession levels. The current housing cycle’s peak was 6,926 transactions in June 2004.

“The year is young and lots could still change,” said DataQuick John Walsh in the company’s latest Southern California report. “But the results from the first big sales month of 2012 suggest the market is stuck in low gear. This remains a very gradual – not to mention fragile – recovery.”

Sales saw the most oomph in the markets of single-family resales and new properties, in which tallies increased almost 10 percent and 27 percent, respectively, from a year ago. However, both submarkets saw their values in March fall from a year ago. Prices for single-family resales dropped 4.2 percent to $350,000, and almost 26 percent to $392,000 in the new-home market…

Read the rest of this article by U~T San Diego’s Lily Leung here: “Is the spring homebuying season heating up?


San Deigo foreclosures decreased in February

The number of San Diego County homes that were foreclosed upon in February fell to its lowest level in more than four years, while mortgage defaults remain higher than the pre-recession norm, Wednesday’s DataQuick report shows.

The county recorded 634 foreclosures in February, the lowest it’s been since November 2007. The latest tally of foreclosures is 12.7 percent lower than in January and 29.2 percent lower than a year ago. Foreclosures peaked at 2,004 in July 2008.

Notices of default — the first formal step in the foreclosure process — totaled 1,278, down 9.2 percent from January and down 6.9 percent from a year ago. Mortgage defaults peaked at 3,832 in March 2009.

Monthly and year-over-year changes in both indicators are constantly volatile because they’re heavily dependent on lender activity.

By comparing current foreclosure and mortgage-default figures to 1-year to 5-year averages, we can see decreases across the board…

Read the rest of this article by U~T San Diego here: “San Diego foreclosures fall in February.”

Foreclosure backlogs persist

The improving job market and economy is helping push mortgage delinquencies and foreclosure starts down, but the percentage of loans in the foreclosure process remains stubbornly high, especially in states most affected by robo-signing issues, according to a quarterly survey of lenders by the Mortgage Bankers Association.

Since peaking at 10.1 percent in March 2010, the percentage of borrowers behind on their house payments has fallen to a seasonally adjusted 7.6 percent at the end of 2011 — about halfway to the pre-recession average of roughly 5 percent, said MBA Chief Economist Jay Brinkmann.

The percentage of loans entering the foreclosure process — which before the downturn averaged just under 0.5 percent — has also declined, from a peak of 1.4 percent at the end of third-quarter 2009 to 1 percent at the end of fourth-quarter 2011.

But at 4.4 percent, the percentage of loans in the foreclosure process at the end of 2011 was not far off the all-time high of 4.6 percent seen at the end of 2010. That compares to the long-term norm of roughly 1.2 percent.

Robo-signing issues — which lenders hope to put behind them this year as they implement recently announced settlement with state attorneys general — have created foreclosure backlogs.

While foreclosure starts are falling, it’s taking loan servicers longer to auction off or repossess homes once they enter the foreclosure process, particularly in states where courts oversee the process.

In “judicial foreclosure” states where courts handle most foreclosures, 6.8 percent of mortgages were in foreclosure at the end of 2011. In “nonjudicial” foreclosure states where most foreclosures are processed outside of the court system, loan servicers are clearing the backlog more quickly, and 2.8 percent of mortgages were in foreclosure.

The MBA survey covers 42.9 million loans on one- to four-unit residential properties, or about 88 percent of all first-lien mortgages. Extrapolating the survey’s results suggests that of the 48.75 million mortgages outstanding at the end of 2011, 2.13 million were in the foreclosure process.

Five states accounted for more than half of all loans in foreclosure — Florida, California, Illinois, New York and New Jersey. All but California are judicial foreclosure states.

The 10 states with the greatest percentage of mortgages in foreclosure were: Florida (14.27 percent), New Jersey (8.21 percent), Illinois (7.41 percent), Nevada (7.03 percent), Maine (5.92 percent), New York (5.88 percent), Connecticut (5.05 percent), Hawaii (4.97 percent), Ohio (4.94 percent), and Indiana (4.94 percent). All but Nevada are judicial foreclosure states.

The states with the lowest foreclosure rates were: Wyoming (1.03 percent), North Dakota (1.05 percent), Alaska (1.06 percent), Nebraska (1.55 percent), South Dakota (1.75 percent), Montana (1.76 percent), Texas (1.78 percent), Virginia (1.84 percent), Alabama (1.94 percent), and Arkansas (1.97 percent). Among those states, only North Dakota handles foreclosures judicially.

San Diego home sales up 5% in January

San Diego County home prices remained flat in January but total sales rose, show the latest DataQuick figures released Wednesday morning.

The median price of all homes sold in the county last month was $305,000, 0.3 percent higher than a year ago. When comparing January to December, values fell 3.2 percent.

Total sales — which include single-family resales, condos and new homes — rose in January to 2,358, or 5 percent higher from January 2011. Sales fell almost 29 percent month-over-month, a natural decrease from December to January because of the holiday season.

How did each housing category fare in January? Read more of the article on U~T San Diego’s site.

Read this article in full by U~T San Diego: “SD home sales up 5% in Jan., prices flat“.