Short sales are helping offset foreclosure losses, but here in San Diego the impact of both is still a significant factor in the housing market recovery.
By Vicki Johnson
San Diego short sales are on the rise among distressed homeowners, according to a recent U-T San Diego real estate report. As the local market continues to improve into the second quarter, the number of foreclosures has decreased by 25.3%, falling to 1,391 homes to date. Industry experts point to the growing number of short sales as a primary factor in the area?s housing market recovery ? but what does this trend mean for coastal buyers and sellers?
The impact of short sales: local market numbers and interpretation
Short sales are real estate deals in which homeowners negotiate to pay lenders less than the total amount outstanding on their mortgage. In addition to imposing less of a stigma on homeowners? credit scores and credit histories, short sales also bear a significantly lighter burden on the overall housing market as compared to foreclosures. Here in San Diego, approximately 19.6% of existing home sales last month were short sales. While such deals are more common in the inland San Diego areas like University City, Clairemont and Linda Vista, they are also affecting high-end coastal markets like La Jolla, Del Mar and Rancho Santa Fe.
According to June sales statistics from Realty Trac, foreclosures constituted one in every 355 Rancho Santa Fe home sales. In La Jolla, one in every 420 sales was a foreclosure during this same period. Both communities have seen lower yet comparable foreclosure rates as compared to the state at large, with Rancho Santa Fe currently at 0.30%, La Jolla at 0.24 % and California at 0.35%.
What do these numbers mean? From a big picture standpoint, today?s short sale and foreclosure trends are down from 2009 levels ? and that is good news. But the fact remains that distressed home sales, be they foreclosures or short sales, are still with us ? and none of the local markets are immune.
Manage and make the most of distressed home sales with expert real estate guidance
If you or someone you know is dealing with the burden of a distressed property and looking for discreet, effective assistance interpreting viable options, contact me today for an expert consultation. As an experienced Rancho Santa Fe real estate agent, I can guide you through the latest market trends and give you up to the minute education on selling before a foreclosure. For more information, contact Vicki Johnson today: visit www.vrjrealestate.com.
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- San Diego real estate trends show high-end home prices on the rise, inventory on the decline
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- San Diego real estate trends show high-end home prices on the rise, inventory on the decline
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