Posted on March 23rd, 2014 by sandi23
California has among the highest financially stable of potential home loan borrowers in the country. The state of California is ranking 5th when things like credit score and loan to value ratios.
Mark Goldman, real estate professor at San Diego State University says the current market shows that marginal type borrowers have declined.Today financial documents are heavily scrutinized.
About San Diego, CA Home Market
The San Diego Local home sale market is on the rise. Average price per square foot for San Diego CA was over $350, which is an increase compared to last year 2012. The median sales price for homes in San Diego CA for May 13 to Jul 13 was about $465,000 based on over 4,800 home sales.Popular neighborhoods in San Diego include Rancho Bernardo and Carmel Valley, with average listing prices of $484,512 and $1,093,439.
San Diego Real Estate Performance Thus Far For 2013
Before 2006 or the sub-prime disaster, San Diego real estate was known as one of the boom state for housing. Prices had tripled since 1998 going as high as $612,000 for an average family home. San Diego was also one of the areas where the “Sunshine tax” situation existed. This happens when income and the cost of living are skewed and lower than the national average. When the housing bubble burst, San Diego experienced a massive exodus as many residents moved to more affordable neighborhoods or even to other states. By 2010 the real estate housing market was 50% higher than in 2000 but 36% down from 2005 and dipping over $200,000 or 50% in sales for many areas.
Neighborhoods in San Diego, CA
Black Mountain Ranch
Clairemont Mesa East
Clairemont Mesa West
Colina del Sol
Del Mar Heights
La Jolla Village
Miramar Ranch North
Mission Bay Park
Mission Valley East
Mission Valley West
North Island Naval Air Station
Otay Mesa West
Point Loma Heights
Roseville – Fleet Ridge
Tijuana River Valley
Related Insurance News
Housing affordability in California is taking a hit as reported on Hispanic Business. Housing affordability fell for the sixth consecutive quarter — July through September — in response to rising home prices and interest rates, a trade group said Thursday. During the third quarter, 32 percent of home buyers could afford a median priced home costing $433,940, said the Los Angeles-based California Association of Realtors.
Distressed sales continue to be a significant portion of homes sold at nearly 20.7 % of total units sold. As the overall percentage of Distressed Sales continues to decline in the future, we will likely see an increase on the average SP as the underwater homeowner exits the market and more regular sales become the norm. We still have a large number of distressed properties in Contingent and Pending. As we clear distressed inventory and with lower foreclosure rates, it should contribute to the recovery and health of the local Real Estate Market.
The way we determine the supply of inventory is by dividing the number of homes on the market in a given month by the number of houses sold that same month.
The number of active properties for sale that are distressed sales is only 7.4%. This metric has remained fairly stable over the last few months, and trending lower from the last reported number, it will be interesting to see if this number changes after the extension of the Mortgage Debt Relief Act at the start of 2013.Read More