market report: Rate of Foreclosures in Kern County Holding Steady...so far! - 03/13/09 03:59 PM
Last year ended with a record number of foreclosures throughout the nation, and Kern County was no exception. See my year-end summary for detailed numbers. so far this year has been remaining fairly stable with a sharp decline from December's 663 recorded Trustee's Deeds to 487 in January. February finished with 603 foreclosures. So, the overall rate has been fairly stable since October had 520 foreclosures, but this is the same time last year that the steep climb in foreclosures began. 2008 started with 512 foreclosures in January and continued to climb until peaking in August. That rate had been increasing … (1 comments)
market report: Kern County End of Year Foreclosures Update - 01/19/09 12:11 PM
As an appraiser in Bakersfield, the rate of foreclosures is an important statistic to watch for our market conditions. Again, for the purposes of this post, foreclosures are considered to be those properties where a Trustee's Deed has been recorded, indicating that the lender has taken possession of the property. In November we posted that the rate of foreclosures in Kern County, CA was on the decline. Well, the decline came to a soft stop. The foreclosure rate inched up in November to 550 from 520 foreclosures in October. Not too bad. Well below the high of 1,000 in August. However, … (1 comments)
market report: Will the bleeding ever stop? - Foreclosures and Defaults in Kern County - 07/10/08 01:44 AM
If defaults and foreclosures don't slow down, falling home prices won't stabilize anytime soon in Kern County. Notices of default have been steadily increasing since May of 2005, and foreclosures have been increasing since July of 2006. From May 2005 to July 2006, most homeowners in dire straits could probably either refinance with a little equity, or sell before getting upside down. In May 2005, there were 242 Notices of Default recorded. The following May there were 572. In May of this year, there were 1,272. More and more homeowners are falling behind which means we will continue to see the staggering number of foreclosures. … (0 comments)
market report: Bakersfield Housing Activity - 10/27/07 10:21 AM
In a prior post I estimated that Bakersfield will end up with around 6,200 sales of single family homes for the year, which is about 40% lower than 2006. I just looked at the number of homes currently listed - 3,993! Wow. There is almost a full year's worth of inventory on the market right now. Okay, not quite a year's worth but about two-third's. With 268 sales per month in Bakersfield, the inventory of homes for sale will last for about 14 months. Of course, this varies quite a bit depending on the neighborhood. I've seen some neighborhoods with inventories that will … (2 comments)
market report: Bakersfield home prices holding steady? - 10/26/07 10:58 AM
After posting information on the decline in average per square foot prices for Kern County, I thought I'd take a look at Bakersfield. The data here is for single family residences, however the occasional condo or manufactured home might be included because it wasn't listed correctly. Also, some new construction might slip through the cracks as well. Looking at the sales through our local listing service, the total number of sales should end up around 2,500 lower than the 5,757 sales in 2006. However, sales have been slowing down the past few months, so the total number this year may be even … (2 comments)
market report: Kern County market conditions - 10/25/07 06:00 PM
The average price per square foot in Kern County peaked in 2006 around $183. As of last month, the average has dropped to $151. That's a decline of nearly 17.5% over the past year. We've been on a steady decline for the past 6 months losing about 1.5% each month. These figures are still higher than what the average price per square foot was in March 2005. If you bought before that time, then theoretically you should still be in the positive, but keep in mind that this is a countywide average and the actual change in a particular neighborhood might … (0 comments)
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Last year ended with a record number of foreclosures throughout the nation, and Kern County was no exception. See my year-end summary for detailed numbers. so far this year has been remaining fairly stable with a sharp decline from December's 663 recorded Trustee's Deeds to 487 in January. February finished with 603 foreclosures.
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