The positive trends continue for Encinitas real estate. Here your Encinitas Realtor reports on the rising of home prices and the tumbling numbers of foreclosures in Southern California.
The January reports on real estate in Encinitas are in and the housing market in Southern California continues to improve.
Foreclosure Rates Drop
RealtyTrac is reporting that monthly foreclosures in California for the month of January were down almost 40% from the previous month and down 65% from the year prior. It is believed that this precipitous drop is at least partially due to the recent passing of the Homeowner Bill of Rights by the state, which provides homeowners with some of the strictest protections in the nation. One of these protections bans “dual tracking” or allowing a lender to seize possession of a home while still negotiating lower mortgage payments with the owner.
The number of foreclosures in San Diego County are some of the lowest in the state, especially compared to nearby San Bernardino and Riverside counties.
Home Prices and Sales Rise
Home prices throughout California have risen significantly, especially in the six-county region, according to DataQuick. Median home prices in the area rose 23.5% to $321,000 compared to January 2012 and home sales rose 10.6% over the year.
The number of sales and median sales price on homes for sale in Encinitas have also risen year-over-year, with the median sales price (according to Trulia) up 18.4% for all properties from November to January. Year-over-year totals have risen from $570,000 in January of 2012 to $675,000 in January 2013. The number of sales have risen to roughly 200 in the month of January.
Keep checking back with your Encinitas Realtor Linda Moore for more information on Encinitas homes for sale.