NODs (notice
of default) reversed the upward trend and went down to 35 in September as
compared to 52 in August. This number was 2.9% higher than the previous year at
this time. NOS’s (notice of sale) were down in both instances with more short
sales being approved as opposed to banks foreclosing on properties. The number
of NOD’s issued to properties priced over $1 million were the highest in
September.
Although NODs have increased this year leading
to a spike in the pre-foreclosure inventory, properties scheduled for sale and
bank owned inventory have fallen significantly.
Real Estate Wrap-up
On the positive side, there has been a spike in rents is
leading to a boom in apartment construction nationwide. Alameda County saw a
1.8% increase in rents over the previous quarter and 8.7% over the previous
year. Foreign buyers are seeing the opportunities in the real estate market and
have bought $82 billion worth of homes in the first quarter of this year (this
figure takes longer to calculate) or 8% of total US home sales, up 24% from a
year ago. Mortgage interest rates remain affordably low. The stock market continues to experience great
volatility with questions over the international economy remaining. Declining
inventories, low mortgage rates, higher rents all bode well for the housing
market, but we also need to see some improvement in the unemployment rate and
notice of defaults being issued to keep down the foreclosure inventory.
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