Home many short Sales, foreclosure homes and resale homes make up the coastal market?

We have many clients that are curious about foreclosure & Short Sales - and how much they make up of the current market.  The numbers below are for a 12 month period.  Below, you can see REO property is currently shrinking and short-sale home increasing.  This is due to more people short-selling as opposed to letting the bank foreclose.  Resale homes, or traditional homes, still make up a majority of the marketplace on the coast. (Want more info? Contact Tyson Lund)

For the following cities: (Carlsbad, Encinitas, Cardiff)


Territory Market Recap*

Active In-Escrow Closed (List Side) Total
REO 75 5.6% 109 16.8% 894 22.1% 1078 …

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With North San Diego county feeling the effects of seasonal slowing (i.e less homebuyers buying), many homeowners consider waiting for spring to sell their property.  Here is a generalized argument for selling now:

  • Less competition from those unwilling to sell during the holidays creates an advantage.   Less competition means better chance to sell.

  • Low sales in winter set the "comparative sales" used by appraisers and brokers to gauge value.  Low foreclosure/short-sale sales will make it difficult for today’s highly cautious appraisers, buyers and brokers to approve higher sale values within a 6 month period. In short, get ahead of the curve.

  • Current low interest rates are encouraging to buyers.  Rates can fluctuate and change.  Higher…

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The Los Angeles Times

Mortgage rates hold steady, Freddie Mac survey says
The interest rate on a 30-year fixed mortgage held steady this week at a 60-year low while the 15-year fixed loan edged down to a new record low, mortgage finance company Freddie Mac said in its weekly rate snapshot.


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HousingWire

Five more years of housing problems, with some stability in local markets
The housing market remains shaky and is unlikely to deliver significant growth in prices over the next five years, according to a new survey of economists, real estate professionals and analysts.

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The Los Angeles Times

Sales of previously owned homes jump in August
The number of homes sold increased 7.7 percent in August compared with July and…

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