San diego Real Estate

The San Diego real estate market seems to represent a distinct buyers’ market, with interest rates remaining low and with a number of foreclosures on the market. A March 19, 2010 article in the Valley News found that, “According to DataQuick, 15,359 homes were sold in the six-county Southern California region – Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties – in February, virtually unchanged from 15,361 in January and up 0.8 percent from 15,231 in February 2009.” John Walsh, the president of MDA DataQuick, continued to observe that “It’s possible the stars won’t line up this way again from many years. With prices and mortgage interest rates this low, the cost of ownership is about as low as we’ve seen it in decades.”

The number of San Diego homes for sale which are foreclosed properties remains high, according to a March 21, 2010 article in the Los Angeles Times. The piece noted that “Aided by flimsy lending practices, many borrowers got into real estate investing during the boom years. Now they’re defaulting on multiple properties…Though signs of recovery in the housing market are emerging, thousands of people throughout the Southland are still in a precarious position on the brink of foreclosure, struggling with monthly bills and mortgage payments.” The article, which was the cover story for the paper, continued to say that “A RealtyTrac spokesman said the actual numbers were probably larger than the estimates provided, because some of the data were private. The search only looked at multiple foreclosures within the seven counties that the firm studied – Maricopa, Clark, Los Angeles, Orange, Riverside, San Bernardino and San Diego.”

The San Diego Union-Tribune reported slightly more encouraging news for San Diego real estate for sale, finding that the rate of foreclosure has been declining even though defaults have increased. According to the March 19, 2010 article by Roger Showley, “Foreclosures in San Diego County dropped for the second straight month in February, even as notices of default grew, MDA DataQuick reported Friday. There were 973 trust deed sale notices, the final step in the foreclosure process, down from 986 in January and 1,515 in December.”

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