Flippers and move-up buyers are out in force, and foreclosures are shrinking to an increasingly minor part of Sacramento’s housing market, DataQuick said Thursday.
Bay Area single family home prices continued a skyward climb in May, reaching their highest level in more than five years, according to a report Thursday. Median sales prices in the sizzling market were given an upward nudge in the East Bay, Peninsula and South Bay by multiple offers for a scant supply of houses for sale and by a change in the market mix to favor higher-priced homes, said real estate information company DataQuick.
Foreclosure listing service RealtyTrac says “notices of default,” the first stage of the foreclosure process, went up by just over 3% from April to May. RealtyTrac’s Daren Blomquist says it was the fourth straight monthly increase. But Blomquist says it’s not a sign of any new problems in California’s housing market.
Southern California’s housing recovery surged last month as buyers scrambled for a short supply of homes.
LOS ANGELES (AP) — A resurgent housing market, rising home values and steady job gains are helping more U.S. homeowners stay on top of their mortgage payments.
Home prices are shooting up across the nation with the Bay Area leading the pack — but which submarket has soared the most? Oakland.
The number of California homes entering foreclosure plunged in the first quarter, the result of an improving economy, rising home prices and strict new state regulations on lenders.
Los Angeles homebuilder KB Home, one of the largest production homebuilders in Southern California, narrowed its loss to $12.5 million in the first quarter as the outlook for new construction improved.
Even before dawn breaks, workers at the lumberyard in Lynwood were bustling around, getting a move on the day. Men in yellow safety vests drove flatbed trucks stacked to the brim with planks of wood. Others were buzzing around in forklifts, ferrying more boards.
As an epicenter of the nation’s worst housing bust in recent history, California remains an important bellwether for the housing market recovery. So when news that foreclosure starts in the beleaguered state plummeted to an 87-month low in January, industry watchers took notice.
California’s rate of homeownership continued a years-long slide in 2012 and is now the second lowest in the nation, according to a new Census Bureau report.
Heralding continued strength in the housing market locally and nationwide, home prices in major California cities jumped considerably year-over-year, according to data released Tuesday.
California’s median home price struck a four-year high for a December, indicating housing will probably continue to mend in the new year.