Milpitas housing market real estate update

November 21, 2010 by
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.

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