San Diego, CA (PRWEB) February 27, 2013
The Real Estate Marketing Insider came out in strong support of recent reports in The Sacramento Bee that California saw a large decline in foreclosures last month. REMI also said that homeowners in California hoping to sell their property should have faith that their properties will sell, and recommends they leave their homes on the market.
For five years, California had the most foreclosure filings of any state in the union. The state was hit hard by the housing crash of 2008, and even before the market slump, had severe economic problems that trickled down to the housing market. This January though, the California market had good foreclosure news for the first time since 2007. Thanks in part to a recently signed “homeowner bill of rights” that made it through state legislature, the number of foreclosure filings dropped to just above 18,000 last month; a whopping 65 percent drop from one year prior. There’s still work to be done - California’s foreclosure rate is above the national rate by about 15 percent - but the progress is great news for the real estate market in the Golden State.
In the last few years, given the flood of foreclosures in California, home prices from San Francisco to beach rentals San Diego have been at record lows, forcing many Californian home sellers off the market. Now, as foreclosures continue to drop and the non-distressed inventory thins, REMI is urging frustrated homeowners in the state to have a bit of hope and leave their properties on the market. California remains one of the best real estate markets in the nation. The inventory of foreclosures will thin quickly and housing prices will rise. Sellers that stay on the market can expect a sale soon, and for close to their asking price. All that’s required now is a bit of patience for the non-distressed market to emerge again.
The Real Estate Marketing Insider congratulated California on its steep decline in foreclosures last month. The number of distressed properties in California has dropped by 65 percent year-over-year in January. And, because the foreclosed inventory is going to thin, the Insider advises prospective home sellers in California to leave their homes on the market.
About the Real Estate Marketing Insider:
The Real Estate Marketing Insider provides expert information about the housing market, from breaking news to in-depth trend analysis. Based in La Jolla, Calif., the Insider is the go-to resource for real estate professionals, buyers, and sellers.
Disclaimer: The information included in this release is for informational purposes only. It is not intended nor implied to be a substitute for professional advice. Readers should always consult a professional to determine the appropriateness of the information contained herein for his/her particular situation.