Glimmers of optimism shine through mixed housing news
Home foreclosures 'manageable,' repayments possible, experts say
By Roger Showley
UNION-TRIBUNE STAFF WRITER
May 25, 2007
Problem mortgages will probably plague some recent home buyers for the rest of the year, but the outlook for new buyers appears relatively promising, with sellers likely to drop prices into 2008, according to experts at yesterday's Sullivan Group Real Estate Advisors quarterly conference.
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DataQuick Information Systems expects to report today that the six-county Southern California region saw defaults rise nearly 159 percent last month to more than 9,200, compared with 3,562 in April 2006, and that foreclosures skyrocketed from 311 to more than 2,800 over the same period. San Diego's defaults rose from 554 to 1,346, and foreclosures increased from 85 to 525, April to April.
But San Diego was painted as an area less vulnerable to any further major downturns, contingent on the health of the general economy. Reasons include relatively few unsold, newly built homes and new projects; steady if not improving job growth; and an earlier end to the housing boom than other markets where sales and prices are now in decline.
The most recent sales figures for San Diego showed a 13.5 percent year-over-year drop in April, compared with more than 30 percent year-over-year declines reported by DataQuick last fall.
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