The heart of the housing crisis isn’t about existing homes sales. The real issue is the millions of American homeowners who have no home equity or are upside down in their homes. For the millions of homeowners who are facing this situation the small up tick in home sales offers little solace.
HOME PRICES ROSE 0.6 PERCENT IN FEBRUARY ACCORDING TO MONTHLY HOUSING INDEX
U.S. home prices rose by roughly 0.6 percent between January and February according to the latest monthly House Price Index from the Office of Federal Housing Enterprise Oversight (OFHEO). Since its peak in April 2007, the index is down 3.1 percent.
The OFHEO monthly index, introduced in 2007, is calculated on purchase prices of homes backing mortgages sold to or guaranteed by Fannie Mae or Freddie Mac.
For the month of March, foreclosures totaled 1,045, down from 1,316 in February. But a one-month decline, say analysts, is not enough to predict what lies ahead for San Diego’s volatile real estate market.
There are 1500 foreclosures active in the San Diego market presently. From the statistics that I have observed week to week the foreclosure prices this week have appeared to stabilize in the $200,000 to $600,000 range. This is a major change in the price pattern since 2004.
Buyers interest and quantity of offers have increased on many of the bank foreclosures currently on the market. If you would like to view all homes, condos or bank owned foreclosures (REO) listed for sale, please visit our website at: County Properties Real Estate.