San Diego Realtor Linda Moore examines the news that foreclosure rates across the United States are reaching levels seen before the housing crisis, continuing the recovery of the housing market.
News of the housing market has been generally positive in 2013 with prices, inventory, and mortgage rates seeing a steady increase. Additional good news is coming in the form of national foreclosure levels reaching levels lower than those seen before the housing bust.
For June 2013, RealtyTrac announced that the total number of foreclosure filings, which included default notices, bank repossessions, and scheduled auctions, dropped to 127,190. Over the last 12 months this number has decreased 35% and from May to June they were down 14%.
While these national rates are clearly improving, in some states foreclosure filing are still hurting the housing market, including Ohio, Georgia, Nevada, and especially in Florida. Repossessions by banks are still at a rate of roughly 420,000 per year compared to the historic averages of 250,000, but things are improving in this area as well.
San Diego County has seen lowered levels of foreclosure according to the most recent available statistics for March 2013. When compared to the national average for the same month of 6.01% San Diego saw delinquency rates of 3.69%, which was also less than the state average of 4.29%.
The falling foreclosure rates shows the improvement of the housing recovery and hopefully solidifies your confidence in entering into the market to purchase a home for sale in San Diego.