San Diego foreclosures are plummeting, showing a positive sign - moonwalks for sale
In the past few months, the number of foreclosures in San Diego has declined.
After almost two years of foreclosure, he finally breathed a sigh of relief.
Although Santiago is one of the most affected counties in the country, the economic and employment situation seems to be improving.
Let's take a look at the drivers that have helped improve this so far.
In the past year, about 20000 homes in San Diego have been foreclosed.
As the year progresses, only about 11000 are actually listed and sold.
So if all the houses are on the market, there may be a nearly 150% increase in inventory.
The reason this situation is controlled is because of pressure from state and federal agencies not to flood the market with overpriced low-priced homes, which will lead to more panic among citizens.
According to the Housing and Economic Recovery Act 2008, the government has helped many homeowners in distress cancel their foreclosure rights.
There is a system that has been set up to allow legally authorized late payments, which in turn helps homeowners arrange alternative payments or look for other possible options.
The bill also helped first-time buyers get a rebate of about $5000 to $8000.
This helps them save money and is an extra bonus in the market for prices that have already been lowered.
Realtors also sell their first-hand new property at a lower price, although they may suffer losses or reduce profits.
The above controlled situation results in the following situations.
From November 2009 to the end of December 2009, the average price of foreclosures in San Diego remained around $325,000.
The total number of homes eventually sold fell by 25 to 30% compared with last year.
Prices are also rising.
After November, only a few houses were below the $300,000 mark.
For the first time there was a buyer willing to buy a house of between $450,000 and $700, and it was reported that there was a real estate agent in San Diego.
On top of that, we have seen a trend in the past few months of foreclosure.
This is possible because banks and financial institutions take the initiative to help homeowners through loan modification options and short selling of property.