San Diego Housing Market On The Verge Of More Foreclosures
Wednesday, July 14, 2010
A real estate tracking firm says San Diego home sales rose last month. But KPBS Reporter Erik Anderson explains market watchers remain leery about the possibility of a second, large wave of foreclosures.
A real estate tracking firm says San Diego home sales rose last month, but market watchers remain leery about the possibility of a second large wave of foreclosures.
The number of homes changing hands went up more than 5 percent, from June a year ago to last month.
Andrew LePage is with San Diego-based MDA DataQuick, a regional real estate tracking firm. He says there's been more activity in the upper end of the market, and fewer foreclosures in the lower end. He says there's lingering concern a large number of homeowners are on the verge of being forced out of their properties.
"If they trickle out over two years, that's a lot different than if we get a big sudden surge in the second half of this year," said LePage.
LePage says nearly 34 percent of the region's home sales last month involved foreclosures. A year ago, it was more than half.
LePage says the percentage hovers in the single digits when the market is considered to be in balance.
Please stay on topic and be as concise as possible. Leaving a comment means you agree to our Community Discussion Rules. We like civilized discourse. We don't like spam, lying, profanity, harassment or personal attacks.