While California’s real estate market has remained flat throughout the year, recent studies revealed that markets may be making a turn for the best. In addition to September’s jump in sales, a new study has found that foreclosures across California have hit their lowest mark in over eight years – the latest sign that our economy is finally catching up with the housing market.
According to San Diego-based research firm DataQuick, fewer foreclosures were initiated across California in the third quarter of 2014 than any in the past eight years. If you are facing a foreclosure or short sale situation, we have the experienced agent who can help. For peace of mind, call us now.
Last month we noted that inventory – homes for sale – was up, and new sales were down a bit. In October, however, inventory has dropped, and although closings has also dropped, new sales bounced up. This time of year, people take unsold homes off them market for the holidays, which begins to account for lower inventory numbers. Look for this to continue to decline until about March of next year. More sales this time of year is a bit unusual, but we can put it down to the lowest mortgage rates in more than a year. With mortgage rates lower, and prices flattening, buyers can take their pick of eligible homes, and they can afford to buy when the time comes. Although closings are steady over the past few months, they are down 17.5% from this time last year.
Leading the strongest markets right now continue to be Sacramento-Midtown and Davis.
Patient buyers will be rewarded with particularly juicy properties. Savvy sellers need to price their properties correctly to achieve their goals.
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Jack McLaughlin is a market analyst and president of My Broker Donates.