After the market collapse in 2007, in some local markets 75%-90% of all transactions were foreclosures or short sales. What a change a few years can make!
California’s distressed housing market is a fraction of what it was at the height of the Great Recession. In January 2009, nearly seven of every 10 homes sold in California were a short sale or foreclosure. In January 2014 that number is 15.6 %. CAR President Kevin Brown confirms the state’s housing market is transitioning from the housing depression.
Some of California’s hardest-hit communities have experienced dramatic reductions in distresses sales. Riverside County went from 79 percent in January 2009 to 15.6 percent in January 2014. San Joaquin County (foreclosure bus tours were popular in Stockton at one time) went from 93 percent five years ago to 25 percent. Rising home values during the last 2 years have lifted scores of homeowners out of a “negative equity” position and that has led to a dramatic reduction in short sales and foreclosures. However, the depletion of inventory of distressed properties has resulted in a slowdown of home sale transactions.
Overall inventory remains very low. Now is a great time to list your home. Contact TheZwahlen Team and we will assist you in getting your home ready for market.