This just in
" Economists see greater demand ahead The National Association of Home Builders (NAHB) expects both the economy and the employment picture to improve in 2011 and 2012. Says NAHB Chief Economist David
Crowe, “Consumer uncertainty about the economy, the poor job market and the large number of foreclosed properties for sale continue to be a drag on housing. However, favorable home buying conditions should help spur additional demand as the job market gradually improves later this year. ”
California and Southern California
Prices are up 4.4% year-over-year, the tenth consecutive increase, following 27 months of pricing declines. Prices peaked at $484,000 in early 2007, and bottomed at $221,000 in April 2009.
Of the homes that sold in August, 35.9% were foreclosures, down from 42.8% a year ago, and well down from the 58.5% peak in February 2009.
SAN DIEGO COUNTY
Recent news for the housing market is positive - from record low mortgage interest rates to rising sales.
Despite recent price gains, the affordability of California housing is astonishing when viewed through the filter of inflation. DataQuick reports that the typical mortgage payment in August was $1,077, down from $1093 in August 2009, largely thanks to improved mortgage interest rates. That’s 59.5% below the peak set in June 2006 and 50.1% below the previous peak set in the spring of 1989. Indicators of market distress continue to move in different directions. Foreclosure is off its recent peaks, but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner-occupied buying are up, MDA DataQuick reported.