Real Estate Conditions … Housing Markets Are Local
In fact, local market patterns frequently differ from state and national trends. Differences in housing markets become more apparent when you compare neighborhoods, communities, and counties. For example, in some markets home prices may have fallen by large margins, even as much as 50 percent from their peak. But other markets have experienced small declines, and a few markets have registered slight increases on occasion in recent months. The same is true of the share of distressed sales in different markets. In some areas, distressed sales (Short Sales, Foreclosures, and REOs or bank-owned properties) account for as much as three-quarters of market activity, while distressed sales in other areas may account for fewer than ten percent of the market.
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Many areas reporting a large share of distressed sales of late have had a run up in building and home sales in recent years. It is important to note that for the most part, differences in the mix of homes for sale in the market are driven by local conditions. Even within a city, individual neighborhoods or subdivisions may be behaving quite differently. Because of the barrage of information out there with respect to real estate, it is best to turn to the expert in your local real estate market when considering purchasing or selling a home. In the end, while national and state trends are important, they do not necessarily reflect what is happening in the neighborhood or community where you want to buy or sell a home. Be sure to contact me to get the latest information in the San Diego market when thinking about buying or selling a home!
Afew prior related posts:
San Diego Real Esate Sales Increase
San Diego Condominium Sales Price Appreciation
#1 Key To Purchasing Real Estate in the San Diego Market
San Diego California Home Sellers Lose Big
The San Diego California Real Estate Great Depression
1.2 Million Homes in Foreclosure
Survey Says Home Values Must Fall Another 14%
A Record Number of Homeowners Avoid Foreclosure in the Second Quarter
Jumbo Financing and the Impact on The San Diego Real Estate Market
Home Builders Pushed 100% Loans to Move Properties
San Diego County Foreclosures up 125% from 2007
CALIFORNIA HOME FORECLOSURE SALES JUMP 22.5%
Credit Impact of Real Estate Short Sales & Deeds In Lieu
Comments are closed.
Seems there should have been more government regulation and tighter qualification for subprime mortgages in order to prevent what we’re now facing.
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What were the government regulators doing while banks and mortgage brokers were issuing these subprime loans?
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It seems speculators were first into the dot com boom, when that went bust they moved into real estate and now it seems like they’re moving into commodities.
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Real estate speculators should not be bailed out by the government.
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San Diego is a great place to live, but all the residents here pay a huge weather premium in the value of their homes.
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In 2005 most of the commentators on the real estate market were saying there’s no bubble and our mini boom would never end, this is a sure sign that an end is fast approaching.
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I believe there was a show on TV called “Flip This House” for real estate speculators this was another sign of an overheated bubble.
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