All throughout Southern California and the United States the housing market has been faring pretty well in 2015. Home buyers have regained confidence in the market and home sellers are happy with the uptick in home values, helping them to get a return on their investment. While each market has been faring differently throughout the nation, one major improvement is the decline of foreclosure properties. For home sellers this means that not only will their property values continue to increase with the improvement of surrounding neighborhoods, but it also means the presence of investors will decrease.
According to the latest report from CoreLogic, the amount of foreclosure inventory decreased 25.7 percent in March 2015 compared to the same month last year. During the same time frame, completed foreclosures dropped by 15.5 percent. In March of this year there were 41,000 completed foreclosures nationwide, down from 48,000 a year ago. This marks a whopping 65.2 percent decrease in completed foreclosures since the peak of housing downfall in September 2010.
“We are seeing additional improvement in housing market conditions due to a decline in the serious delinquency rate to 3.9 percent, far below the peak of 8.6 percent in early 2010,” said Frank Nothaft, chief economist for CoreLogic. “Despite the decline in the number of loans that are 90 days or more delinquent or in foreclosure, the percent of homeowners struggling to keep up is still well above the pre-recession average of 1.5 percent.”
The CoreLogic report also found that mortgages in serious delinquency decreased by 19.1 percent year-over-year in March 2015. In San Diego-Carlsbad in particular, the foreclosure inventory rate was at 0.4 percent, which is a decrease of 0.1 percent over last year.
San Diego housing market update
Helping people build equity in their homes in San Diego, the median single-family home value in the city has been increasing on an annual basis. According to Altos Research, a California-based real estate analytics company, the median single-family home value in San Diego was reported at $662,527 for the 90-day average as of May 8. The seven-day average was even higher at nearly $700,000. Compare this to about a year ago when both the seven-day and 90-day averages were around $635,000.
Home values have been on the rise given that demand for San Diego homes has been strong for the past year. Altos uses a unique value called the Market Action Index, which measures from a neutral value of 30 whether conditions are trending down in favor of home buyers or up in favor of home sellers. The index was most recently reported at 42.63, showing a strong lean toward home sellers, and a slight increase over the figures reported a year ago.
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(all data current as of 6/22/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.