It’s awfully hard to make sense of the news. If you believe what you’re hearing is true, the next step is to try to understand what you’re hearing or looking at. Today, I thought I would write a bit for our San Diego and Sacramento clients to try to help them get a handle on the most recent update from RealtyTrac.
The chart above shows the national trends on foreclosure activity. While knowing the national trends is interesting, the California numbers are even more interesting to you and I.
First, some national facts. Foreclosure activity nationally dropped 7% over the last month. That’s not a small drop. That said, when comparing the same quarter last year (Q3) to this year, RealtyTrac saw a 16% drop!
As far as California, the numbers are even more striking! While the state still ranks in the top three states nationwide for foreclosure activity, the number of NODs (Notice of Default…the first step in initiating a foreclosure) dropped 18% in September and 45% from Q3 2011.
Another interesting point is that one in every 125 homes is in some stage of foreclosure in California. Incredible.
As far as highly localized data for the San Diego and Sacramento markets, I am looking forward to commenting more on this.
Another very important point, if you are interested in buying a home in San Diego or Sacramento, you should be forewarned that there are VERY few homes to buy. We are seeing an incredibly low inventory situation in both markets and the scarcity is driving prices up. We appear to have bounced (though not dramatically) off the bottom of the market and seem to be in strong and solid trend of an improving California housing market.
Interested in buying?? Be sure to call us on 888-333-0075 and we’ll make sure that you have solid understanding of what you can afford and what your options are. After that, we’ll be happy to introduce you to one of our agent partners. They are among the most competent and trustworthy people in the business.
