Thursday, February 24, 2005
Foreclosures Down in 2004
The number of mortgage default notices sent to California homeowners decreased by 32.9 percent in 2004, according to a recent report by DataQuick Information Systems. Strong appreciation rates and record home sales helped keep foreclosure activity to its lowest level in more than thirteen years. Lending institutions sent default notices to 56,125 homeowners in 2004, compared with 83,600 in 2003. The Los Angeles and Ventura counties saw the strongest decline in foreclosures, decreasing 48.5 percent and 42.8 percent, respectively."There's always going to be a certain level of financial stress out there," said DataQuick President Marshall Prentice. "People lose jobs, get divorced or have costly medical emergencies even in the best of times. Right now, though, because of increasing home values, virtually everyone can sell or refinance if they're really in trouble." (Taken from the California Association of Realtors Newsline Report)
Saturday, February 12, 2005
Market update 2-12-05
The last five weeks of activity at Caravan has shown a tightening market. During the summer and fall we were seeing 60 to 80 home show up for preview on caravan. The last five weeks has averaged 20-25 homes. Total inventory has dropped from a summer high of 850 to 333 as of this post. The vacancy ratio is still on the high side with 65 of the 333 listing availble (are vacant).
Several homes in my office went out this week after being on the market less than 7 days with multiple offers.
Several homes in my office went out this week after being on the market less than 7 days with multiple offers.
