CALIFORNIA FORECLOSURE ACTIVITY INCREASES 15 PERCENT IN JULY
California home foreclosures
Initial defaults (NOD) in California spiked 15 percent from the previous month, and the state registered the nation’s second highest state foreclosure rate for the third month in a row. One in every 123 California housing units received a foreclosure filing in July, nearly three times the national average. The July 2009 U.S. Foreclosure Market Repor™, was released today by RealtyTrac®, the leading online marketplace for foreclosure properties, The report shows foreclosure filings — default notices, scheduled auctions and bank repossessions.
Seven California metro areas documented foreclosure rates among the nation’s top 10 in July. Stockton posted the second highest metro foreclosure rate in the nation — one in every 62 housing units received a foreclosure filing — followed by Modesto at No. 3 (one in 63), Merced at No. 5 (one in 66), Riverside-San Bernardino-Ontario at No. 6 (one in 67), Bakersfield at No. 7 (one in 76), Vallejo-Fairfield at No. 8 (one in 83), and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 105).
Other cities with top 10 metro foreclosure rates were Cape Coral-Fort Myers, Fla., at No. 4, with one in every 64 housing units receiving a foreclosure filing, and Phoenix-Mesa-Scottsdale, Ariz., at No. 9, with one in every 103 housing units receiving a foreclosure filing.
The top four state foreclosure activity totals in July were reported by California, with 108,104 properties receiving a foreclosure filing; Florida, with 56,486 properties receiving a foreclosure filing; Arizona, with 19,694 properties receiving a foreclosure filing; and Nevada, with 19,535 properties receiving a foreclosure filing. Together these four states accounted for nearly 57 percent of the nation’s total foreclosure activity.
San Diego California housing
What Your Home Will Be Worth in 2012
A recent story in Businessweek, with information from the Brookfield, Wisc.-based research firm Fiserv, to predicted the value of median priced homes in the U.S. in 2012. The article stated: “We weighed historical data against current trends to get a bead on which way the markets might jump at one-year increments. By combining data, we were able to get a pretty good idea of what home prices would be in three years’ time. Across the board, real estate prices will continue to drop before rising slightly by the fourth quarter of 2011.”
Promotions Unlimited took the Businessweek predictions and produced the chart below for California and five other western states:
Home Values 2012
San Diego real estate lawyers
San Diego Real Estate Market – Unemployment – Stock Market
San Diego real estate market
San Diego real estate market stats show a firming trend. But, I personally believe that before a real bottom is in place, we must see an improving local job market. With yesterday’s announcement of a 0.1 % micro improvement in the unemployment rate to 9.4% , this certainly is not the beginning a major trend. I don’t think we are close to a turnaround in the worst jobs turndown since the thirties.
The unemployment numbers look like they are getting worse at a slower rate. If I’m correct, how can one believe that the San Diego real estate market is improving by any significant amount? There are plenty of great arguments that the published Unemployment Rate of 9.4% is understated.
There is one item that confirms the arguments: the unprecedented and historical record decline of 18% in Federal Tax Revenues is a the confirming number. The 18% reduction in tax revenue correlates more with a 15% unemployment rather than a 9.4% unemployment rate.
At least the government is hiring.
The private sector economy is hunkered down, shell shocked, waiting for the next blow to fall. Large numbers of workers, investors, homeowners, and businesspeople have simply given up. They are no longer counted in the unemployment numbers.
I would say there just isn’t enough of a trend in the BLS monthly data to suggest an end date for the recession. I’d say you’d need at least two more BLS reports of improving net payrolls and two upward revisions in the work week.
If there is no bottom in sight for real estate, how can the stock market be putting in such a stellar proformance? Well, to answer my own question, it could very well be that (as it’s often said) the stock market is looking six months down the line. But, than again, the current stock market rally is being driven by momentum buying and liquidity from the government and hedge funds. This too may end badly. It may take some time, but by then the retail investor will be invested, and then look for the institutions to exit, leaving the little guy holding the bag. Will they ever learn?
San Diego Little Italy condos
San Diego Real Estate Prices – A Mixed Bag
San Diego Real Estate Prices for June 2009 percent change vs. June 2008. Data from the San Diego Union Tribune — chart by Promotions Unlimited.
San Diego California home prices
Almost 50,000 San Diego Residents Delinquent on Property Taxes
San Diego property tax
San Diego County Treasurer-Tax Collector Dan McAllister said today that 46,751 San Diego County residents were delinquent on, or have not paid, their property taxes. Delinquent taxpayers in the county owe more than $289 million in back taxes.
This sure sounds bad, but, the good news is that this year’s figures were actually lower than last year. Last year, the county sent out more than 50,000 tax default notices.
Dan McAllister said: “The number has decreased, which demonstrates that more people are stepping up to protect their single most important investment, their home. We are confident that the number will improve once taxpayers receive these notices.”
San Diego little Italty condominiums
The Truth About The Real Estate Market
San Diego Little Italy Condo
What a conspiracy theorist would say: Real estate news, the positive information seems to be coming from only people who cannot afford to tell you the truth. The Obama administration cannot afford to come forth and tell anyone that housing prices could continue to decline as that would stop any sales that are presently occurring.
The real estate industry cannot tell you the truth for fear that they won’t make any money. The banks/financial institutions want to mislead you into believing they will help you so they can collect information on you to use against you or to do so little for you and maximize returns for them (dont forget, if your 400k loan is secured by 200k value, they already lost the 200k and yet they negotiate from strength).
Individuals need to be smarter and evaluate for themselves. Don’t try and catch the knife, you will most likely will get cut.