San Diego Real Estate Looking Less Anemic
Tuesday, October 23, 2012
Aired 10/23/12 on KPBS Midday Edition.
Dr. Michael Lea, director of The Corky McMillin Center for Real Estate, San Diego State University.
Matt Battiata, CEO, Battiata Real Estate Group.
Researchers with Zillow Home Value Forecast say home values in San Diego County gained 2.3 percent in value in the third quarter ending September 30, 2012.
DataQuick noted thjs week that foreclosure activity in California, which usually begins with notices of default, hit a five-year low in the third quarter. There were 49,000 default notices filed in the state from July through September -- a decline of 31 percent from the same period last year to reach the lowest level in California since 2007.
In addition, short sales have increased in San Diego and statewide, and have overtaken foreclosure as the favored process to deal with distressed homeowners. In a short sale, homeowners and banks agree on a sale price that falls short of the amount owned on the mortgage.
Another good sign that real estate may be reviving nationwide is that housing construction has risen, but not in all areas of the country.