Wednesday, October 23, 2013
Home price appreciation during the third-quarter grew by double digits compared to a year ago, according to new data.
Research firm DataQuick said the median price paid for a California home during the third quarter was $360,000. That's up 4 percent from the previous three months and 26 percent from a year ago.
The increase in home values has helped cut down the number of people in California who owe more than their homes are worth. DataQuick analysts said that drives down the number of homeowners vulnerable to foreclosure.
In fact, "notices of default" or foreclosure starts during the third-quarter fell more than 20 percent from the previous quarter and nearly 60 percent from the same period last year.
Last quarter's foreclosure starts were the second-lowest since the early part of 2006.