We here at The Lund Team continually look at the ever-changing reams of data for home sales in North San Diego County. Personally, what I find most interesting is the ever shrinking number of REO property during 2012. REO means real estate owned and is an acronym for a foreclosure home. Short sale homes continue to be a significant part of the coastal real estate market. find out what a short sale is here.
Carlsbad and Encinitas By The Numbers
For the following zip codes: (92007,92008,92009,92010,92011,92013,92018,92023,92024)
| Territory Market Recap* | ||||||||
|---|---|---|---|---|---|---|---|---|
| Active | In-Escrow | Closed (List Side) | Total | |||||
| REO | 47 | 3.8% | 60 | 9.8% | 845 | 20.5% | 952 | 15.9% |
| Short | 514 | 41.3% | 130 | 21.3% | 845 | 20.5% | 1489 | 24.9% |
| Resale | 684 | 54.9% | 421 | 68.9% | 2436 | 59% | 3541 | 59.2% |
| Total | 1245 | 611 | 4126 | 5982 | ||||
| *Market Recap statistics are a summary of ALL Current Active and In-Escrow transactions in your custom territory. Statistics are not based on the physical property location, but rather transactions being performed by the agents working out of offices in your territory. Closed counts are for a 12 month period. | ||||||||
The same statistics during this time last year were completely different. In 2011, there were a much higher percentage of the active inventory as REO versus short sale. This year is the last year for the tax forgiveness act which allows a homeowner who has successfully short sold their home to avoid a fenderal and state taxable event. This provides a great incentive to complete a short sale this year versus waiting until a future date.
Are people still waiting? Although homeowners have incentives to complete a short sell this year, we have seen many homeowners "bury her head in the sand" and hope low rates will persist. Many of these homeowner's ARM loans have reset lower and dropped their monthly payment. Unable to refinance into a low, fixed rate mortgage due to lower home prices, these homeowners will just wait out a solution or allow the home to foreclose at a future date. The Lund Team, inc are North County's premier short sale broker and provide free consultations to homeowners looking for a solution. We are able to refer tax and legal professionals for unbiased second opinions to better serve our community.
Posted by Tyson Lund on
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