RealtorMarketingInfo Blog

California real estate sales have been improving faster than the national average. Since September of 2007, national real estate sales figures have been flat, but California home sales have been trending up - up 85 percent as of October 2008.

Over 75 percent of all sub-prime loans in California have reset. This will result in a dip in the number of foreclosures coming on the market 6 months from now. New foreclosure notification laws in California resulted in a drop of Notices of Default in September and October. November will see NOD figures bounce back.

As we head into the second quarter of 2009, we will probably see some stability in the foreclosure market. State and Federal legislation could help stem another round massive foreclosures expected to hit in 2010 & 2011 as Alt-A and Option ARMs begin to reset.

Contra Costa County Real Estate Reports

HarperMees & Associates specializes in the following communities:

• Danville California
• Dublin California
• Alamo California

The percentage of first time buyers in the California housing market has climbed back to 2000/2001 levels (around 36 percent). The increase is directly tied to the housing affordability index in California which has been climbing steadily do to falling home values. California’s housing affordability index has seen a 24 percent improvement over the last year.

FHA financing has exploded in California for first time mortgages. From 2003 to 2007, FHA mortgages in California accounted for less than 5 percent of all California mortgages. This year, FHA mortgages in California will account for abut 18.8 percent of all California mortgages.

Dublin MLS Trends

80 percent of all homes being sold in California are selling below list price. Sellers are discounting their homes to get them sold. The median price of a home in Contra Costa county has fallen 20.6 percent over the last year to $701,300 (August 2008).

California home sales which dropped to a low of 353K units in 2007 are expected to hit 395K units in 2008 and 445K units in 2009. An annual increase of 12 percent for 2008 and a projected increase of 12.5 percent for 2009.

The California Association of Realtors’ figures are based on data gathered prior to the September meltdown in the U.S. financial markets, the election results and the job loss figures that continue to mount. None the less, California real estate sales are expected to continue to out perform the national average.

As we head into the second quarter of 2009, we will probably see some stability in the foreclosure market. State and Federal legislation could help stem another round massive foreclosures expected to hit in 2010 & 2011 as Alt-A and Option ARMs begin to reset.

For more information on Pleasanton California contact us at 800 - 816-4974