Below is a brief overview from the mid year report from North County San Diego Association of Realtors (NCSDAR).
As you know real estate peaked in 2007. Declined in both 2008 & 2009. However, mid year 2010 shows an increase in median homes of 465k up about 12% from year end 2009, which could consist of distressed homes making it on the market.
The distressed inventory is made up of distressed homes (preforeclosures, bank owned, & short sales) which has declined since January 2010. Distressed properties for July 2010 consist of 28% of the North County listings compared to 42% in July of 2009. It appears that while preforeclosures and bank owned homes have decreased slightly there is a increase in auction homes, which shows that some of the properties caught up in the foreclosure process are being auctioned off. There is still question on how much of a shadow inventory of the distressed homes still exist, and with San Diego unemployment high, we are on the road to a long and slow recovery process.
In my experience compared to the last couple months, the end of August seemed to pick up. Real estate comes in waves, and the last couple of weeks have been buzzing with buyer and listing calls. Recently we wrote an offer that had 7 back-ups. This is typical of alot of properties right now and that suggests that that the competition is steep for the homes that are priced right.
Please click the link below for a full report.
http://www.nsdcar.com/video/brownreport/index.php
Need guidance on what to do with your home? Are you looking to buy a home soon? Call me, I'd love to help you with all of your real estate goals.
Crystal Friesen
REALTOR®
Keller Williams North County
Cell: 760-274-7333
DRE Lic # 01710884
carlsbadhomelistings.com
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