How the rate of California foreclosures affect the San Diego markets in terms of real estate purchases and sales is very interesting. San Diego County and the city of San Diego both depend on each other for survival, and "America's Finest City" (which is what San Diego bills itself as) is facing a series of budget challenges that are only exacerbated by the rate of foreclosures in the state.
For pretty much all of 2009, the average sale price of a home in San Diego fell noticeably. And even though $300,000 might seem like a lot for a home, especially for those from distressed cities in the Midwest, that price is a very significant decrease in the price of a home in San Diego and San Diego County from pre-2009 levels.
There has been, lately, a sliver of sunshine peeking through the dark gray clouds hovering over the Golden State when it comes to real estate prices, at least down in San Diego. It seems that the September to November 2009 time frame saw an average price increase of 1.6% or nearly $5000 on the sale of the average home. This increase is at least something, one must say.
Still, property values in San Diego have declined by about 35% over the last five years, so anybody who bought in to the real estate market during that period is looking at a home that now is probably worth much less than they owe on it. Sad to say, but anybody who bought into those properties can have little chance of improving their positions in the short term, it must be said.
Of course, cultural shifts in how many people are looking at the so-called "stigma" that used to be attached to foreclosures mean that many people have begun to look at this prospect (foreclosure) is nowhere nearly as serious as it once was considered. This has affected the rate of CA foreclosures somewhat, and America's finest city is no more immune to this than any other city in California.
For an idea of why the rate of foreclosures has gone up steadily until recently, understand that the list price of a home in San Diego averages nearly $500,000. Understand, as well, that the sale price of late has been about $300,000. That's a $200,000 difference, meaning many people are probably sitting on homes with a much lower market value than they once possessed.
As well, those who consider going the short sale route (selling it for less than what's owed on it, with the lender's permission) should understand that though the bank may write off that difference, the state is still going after the former owners for taxes on that $200,000. This fact may also be contributing to the overall rate of foreclosures in the state.
San Diego is, of course, a very nice place to live and it possesses many attributes that most cities around the country might not possess in great number, including a very nice housing inventory. Investors who have studied the market and who might be willing to demonstrate some patience might actually be able to take on the rate of CA foreclosures and make something of it down in San Diego, often to profitable result.
For pretty much all of 2009, the average sale price of a home in San Diego fell noticeably. And even though $300,000 might seem like a lot for a home, especially for those from distressed cities in the Midwest, that price is a very significant decrease in the price of a home in San Diego and San Diego County from pre-2009 levels.
There has been, lately, a sliver of sunshine peeking through the dark gray clouds hovering over the Golden State when it comes to real estate prices, at least down in San Diego. It seems that the September to November 2009 time frame saw an average price increase of 1.6% or nearly $5000 on the sale of the average home. This increase is at least something, one must say.
Still, property values in San Diego have declined by about 35% over the last five years, so anybody who bought in to the real estate market during that period is looking at a home that now is probably worth much less than they owe on it. Sad to say, but anybody who bought into those properties can have little chance of improving their positions in the short term, it must be said.
Of course, cultural shifts in how many people are looking at the so-called "stigma" that used to be attached to foreclosures mean that many people have begun to look at this prospect (foreclosure) is nowhere nearly as serious as it once was considered. This has affected the rate of CA foreclosures somewhat, and America's finest city is no more immune to this than any other city in California.
For an idea of why the rate of foreclosures has gone up steadily until recently, understand that the list price of a home in San Diego averages nearly $500,000. Understand, as well, that the sale price of late has been about $300,000. That's a $200,000 difference, meaning many people are probably sitting on homes with a much lower market value than they once possessed.
As well, those who consider going the short sale route (selling it for less than what's owed on it, with the lender's permission) should understand that though the bank may write off that difference, the state is still going after the former owners for taxes on that $200,000. This fact may also be contributing to the overall rate of foreclosures in the state.
San Diego is, of course, a very nice place to live and it possesses many attributes that most cities around the country might not possess in great number, including a very nice housing inventory. Investors who have studied the market and who might be willing to demonstrate some patience might actually be able to take on the rate of CA foreclosures and make something of it down in San Diego, often to profitable result.
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When it comes to buying houses that have been foreclosed, you want to consider searching into Ca foreclosure. The Ca foreclosures have a list that is updated every day to give you the knowledge about foreclosed homes that are up for sale.
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