September 2012 Encinitas Real Estate Update

From rising home prices to decreased mortgage rates, 2012 has been the year that we see Encinitas real estate improve. Here is some of the latest news on the state of Encinitas real estate for the month of September.

Foreclosure starts fell precipitously in the state of California from July to August. There had been much speculation that post-Presidential election we would see a “wave of foreclosure sales” but new data seems to suggest otherwise. Foreclosure starts saw an almost 50% decrease compared to last year and were down to about 23.6%.

A recent report also noted that homeownership beats out renting in ALL of the largest 100 United States metro areas. While homeownership is most affordable in the city of Detroit, in the San Diego metro area (which includes homes for sale in Encinitas), the monthly cost is $1,314 compared to a monthly cost of renting of $1,981; a difference of about 34%.

Having seen home prices on the rise for the first half of 2012 this has allowed 1.3 million homeowners to get out from underwater on their mortgages. The state of California had a Negative Equity Share of about 30%, with the number of homeowners who owed more than their homes were worth across the nation down to 10.8 million from 12.1 million at the end of 2011.

Given all of this data it only makes sense that if you are in the market for real estate in Encinitas that you find a trustworthy Encinitas Realtor and take advantage of the current state of the market.

 

 

 

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