A new study of international home buyers in California found that the largest population of non-American home buyers hails from China. According to the California Association of REALTORS® 2014 International Home Buyers Survey, 36 percent of international buyers were Chinese in 2014, which was followed by 11 percent from Canada and 9.1 percent from Mexico. Buyers from the United Kingdom and India were both less than 5 percent of the international buying population in California.
The association surveyed agents on their experience with home buyers in the past year and found that 14 percent of agents closed a transaction with an international client in 2014, which was the same figure reported the year prior. Of the communities in California, Los Angeles was the most popular for international buyers with 20 percent of them choosing LA. Southern California was more popular than Northern California with 54 percent of buyers aiming to live in the bottom portion of the state.
Foreclosure Rates in California
“The foreclosure inventory dropped year-over-year in all but two states,” said Anand Nallathambi, president and CEO of CoreLogic. “The foreclosure rates in judicial foreclosure states are beginning to pick up and remain higher than in non-judicial states. What’s encouraging is that fewer Americans are seriously delinquent in paying their mortgages which in turn is reducing the foreclosure inventory across the country as a whole.”
CoreLogic, a global analytics and data company, released its February 2015 National Foreclosure Report that shows foreclosure inventory fell by 27.3 percent and completed foreclosure inventory dipped 15.7 percent from February 2014. A completed foreclosure is one considered to have been lost by foreclosure completely. These figures mark that since September 2010 the presence of completed foreclosures has fallen by 67 percent.
In California, there were 30,000 closed foreclosures for the 12 months ending February 2015. In addition, the rate of serious delinquency decreased by 19.3 percent year-over-year in February, which marks the lowest delinquency rate since June 2008.
“The number of homes in foreclosure proceedings fell by 27 percent from a year ago and stands at about one-third of what it was at the trough of the housing cycle,” said Frank Nothaft, chief economist at CoreLogic. “While the drop in the share of mortgages in foreclosure to 1.4 percent is a welcome sign of continued recovery in the housing market, the share remains more than double the 0.6 percent average foreclosure rate that we saw during 2000-2004.”
On a monthly basis, the foreclosure rate fell by 11.6 percent from January. With the popular spring market looming ahead and the job market continually improving, the rate of foreclosures and delinquent mortgages is expected to decrease and home sales and values to uptick. These findings prove that the housing market is far from where it was a few years back and that fewer and fewer people are getting into trouble with foreclosures making for a much healthier economy as a whole.
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(all data current as of 6/22/2017)
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