Tag Archives: real estate market update

HAPPIER THANKSGIVING with Latest RE News

I have so much to be thankful for in review of this past year and my life. It is amazing how a perspective keeps evolving as you get older, to a wiser outlook on life. I am even more grateful that you read my blog
and invite you to comment, whether positive or negative.

Mortgage Defaults have dropped to a 6-year low with the latest results just in by real estate tracker Data Quick for October in San Diego County. Foreclosures are also flat as a result of the trend.

A Notice of Default, the first formal beginning of the foreclosure process, totaled 958 in October, down close to 9% from September and down more than half from year to date same month 2011. October’s number is the lowest since 2006 in September, when the total hit 872.

Actual foreclosures, when the property is lost by the current owner at auction, have totaled just fewer than 500 for this past September and October. These numbers are down more than 25% from a year earlier.

Delinquent mortgages that are at least one month behind have remained relatively the same now to a year ago for the 3rd quarter and these numbers are also the same through the whole year this year. Past history has shown increases between the 2nd and 3rd quarters, so this is an outstanding sign that the shadow inventory of distressed loans are in remission here.

San Diego, along with the other Southern California counties, in past down markets has led the way for the rest of the nation in the trend of housing market prosperity and ALL signs are positive that this is now
happening. This news spells a very Happy Thanksgiving indeed!!

Yearly Price Gains Maintained by Decrease in Distressed Sales

“Summer’s end may have led to the close of a strong home-buying season, but a decrease in distressed sales is helping prices maintain their yearly gain and some regions are still experiencing monthly price increases.

As of August 23, 2012, prices fell 0.4 percent in 25 major U.S. metropolitan areas from July 23, 2012, according to Radar Logic’s RPX Composite price. Year-over-year, prices were still up 4.5 percent, and year-to-date, the RPX composite showed prices have risen 12.8 percent, the largest increase for the period since 2005.

When Radar Logic broke down the data based on region, a more complex picture was painted.

“There was considerable variation in price performance from region to region. In some areas prices have clearly peaked for the year and are now declining, while in others prices are still rising,” the real estate data provider said in its monthly housing report.

The Midwest and the West saw monthly price gains and rose 2.5 and 1.2 percent, respectively. In the South, prices were flat, increasing just 0.1 percent. Radar Logic said the South may have reached its seasonal peak and begin its seasonal descent. The Northeastern housing market brought the RPX Composite price down month-over-month with its 3.1 percent descent…”

Read more of DSNews.com’s article here: “Yearly Price Gains Maintained by Decrease in Distressed Sales”.