Rancho Santa Fe real estate updates

November 27, 2010 by · Leave a Comment
Filed under: California 

Rancho-Santa-FeRancho Santa Fe real estate, a primarily residential and upscale section of the San Diego County housing market, may be facing a ‚double-dip‚ if the current downturn in the local market continues. According to a November 11, 2010 article from the San Diego Union Tribune, San Diego County, as well as other metro areas in the county that had been improving, may be experiencing a double dip in home prices, new reports showed Thursday. The turnaround from recent quarterly increases came in spite of homebuyer tax credits and low interest rates intended to boost the housing market out of its five-year slide. The National Association of Realtors ranked San Diego as the 51st best market out of 155 in terms of home-price appreciation in the third quarter, compared with the same period last year. But the group also reported a downturn from the second to the third quarter, a trend also picked up by Zillow.com, which estimates home values after excluding foreclosure sales. The Seattle-based company said San Diego as well as four other California markets, were the only ones nationally that posted price declines in the third quarter after five quarters of an increase. Zillow chief economist Stan Humphries said the turnaround may reflect the fact that state had offered homebuyer credits on top of those at the federal level and thus pulled in more buyers who sped up their purchasing decisions. Now demand is down, even as inventories rise.

However, the sales rate of Rancho Santa Fe homes for sale may be adversely affected by two weaknesses in the local economy, identified by Mark Cafferty, the CEO of the San Diego Workforce Partnership. Mr. Cafferty stated that ‚ in terms of our economy and our work force, San Diego differs from the rest of the state and country in many ways. Some aspects of our economy exploit our strengths, while other aspects present challenges that must be addressed‚ First, too many jobs in San Diego were tied to the now-devastated housing market. The unemployment rate among those employees working in real estate and residential construction is almost 50% higher than the full unemployment rate. Second, too many of San Diego’s lower-wage earners lack the basic skills needed to take advantage of the available education and training opportunities, and they are struggling to maintain in a fragile labor market.

Milpitas housing market real estate update

November 21, 2010 by · Leave a Comment
Filed under: California 

img546214The Milpitas housing market, a subsidiary of the larger Santa Clara County and Bay Area real estate market saw a substantial decrease in the number of foreclosures over the latest tracking period. According to a November 8, 2010 article from the Silicon Valley Community Newspapers and the Mercury News, The number of Santa Clara County homes in the first stage of foreclosure dropped by 44.4 percent in the third quarter of the year, compared to the same period in 2009, according to a real estate information service. Lenders sent default notices to 2,244 Santa Clara County homeowners in the third quarter, down from the previous year’s third quarter total of 4,035. While all counties in the Bay Area saw a drop in notices of default, Santa Clara County had the largest drop among the nine counties. Notices of default in neighboring San Mateo County were down 31.2 percent from the same time the previous year. Foreclosures in Santa Clara County also decreased from the same time last year. The number of trustees deeds recorded, which reflects the number of houses and condos foreclosed on, totaled 1,036 in Santa Clara County during the third quarter, down 16.2 percent from 1,237 in the third quarter of 2009. The counties of Marin, Solano, San Mateo and San Francisco saw foreclosures rise compared to same time a year ago, ranging from a significant increase of 25.5 percent in Marin, to 1.4 percent in San Mateo, and just 0.6 percent in San Francisco.‚

Milpitas homes for sale were sold for a higher median price during the month of September. According to an October 22, 2010 article from Bloomberg News, San Francisco Bay Area home sales fell in September to the month’s lowest level in three years as high unemployment diminished buyer confidence. Sales in the nine-county region plunged 20 percent from a year earlier to 6,334 houses and condominiums, the smallest number for any September since 2007, data provider MDA DataQuick said Thursday. Transactions decreased 5.4 percent from August. Prices gained the most in Santa Clara County, where the median climbed 11 percent to $500,000. The only counties with price declines were Napa, where the median dropped 6.4 percent to $337,000, and San Francisco, where it fell 4.6 percent to $620,000, DataQuick said.

Placerville real estate market update

November 19, 2010 by · Leave a Comment
Filed under: California 

The Placerville real estate market, part of the larger Sacramento area and Central Valley housing markets, has seen mostly negative but mixed signals in the most recent tracking periods. Specifically, the number of foreclosures has declined but both the volume of sales and median price trended back into negative territory. According to a November 1, 2010 article from the Central Valley Business Times, “Foreclosure rates in metropolitan Sacramento, which includes the unincorporated Arden-Arcade area as well as the city of Roseville, decreased in August over the same period last year, according to CoreLogic. The rate of foreclosures among outstanding mortgage loans was 3.21 percent for August, a decrease of -0.23 percentage points compared to August 2009 when the rate was 3.44 percent. Foreclosure activity in was higher than the national foreclosure rate, which was 3.20 percent for August 2010, representing a 0.01 percentage point difference. Also in metro Sacramento, the mortgage delinquency rate increased. According to CoreLogic data for August 2010, 10.47 percent of mortgage loans were 90 days or more delinquent compared to 10.15 percent for the same period last year, representing an increase of 0.32 percentage points.”

Placerville homes for sale were purchased at lower prices and at a lower volume in the month of September, according to an October 22, 2010 report from the Sacramento Business Journal. The article from Ron Trujillo noted that “Sacramento-area home prices and sales declined in September, the latest evidence that the local housing market continues to struggle — and is losing ground when it comes to recovering prices in other regions. The four-county region’s home sales dropped 12.3 percent last month compared to September 2009, while the median home price plummeted 12.3 percent to $181,780, according to a California Association of Realtors report released Friday. The current price is an 8.6 percent increase from the so-called bottom — or “trough” — price of $167,340 in April, a much-smaller gain compared to numerous other regions in the state. All four counties endured lower prices, including a 13 percent drop in Yolo County….Placer — Almost a tale of two counties, as home prices barely budged in Auburn, Granite Bay and Roseville, but Rocklin had an 8.6 percent drop, the largest in the county. Overall, the county’s median home price was off 3.2 percent.”