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Palos Verdes Foreclosures Report updated 1/16/2014

By
Real Estate Agent with Call Realty Company

Palos Verdes Foreclosures Report updated for 1/16/2014

California single-family home and condominium sales gained 1.4 percent in December from November, and were down 18.4 percent from a year ago. Yet we all know that “Real Estate is all LOCAL!” so what’s going on with the Palos Verdes Foreclosures. Follow this link to get to the full details and when you scroll down a bit past the charts that are displayed there, you will see an easy to use SpatialMatch LifeStyle Finder Palos Verdes Homes Search map

that is already filtered to display the “distressed” Palos Verdes homes for sale as well as distressed sales throughout the South Bay To get a cleapalos verdes foreclosuresrer picture of current real estate sales trends and to eliminate seasonal factors, we compare December 2013 property sales to December sales in prior years. Dividing sales into their distressed and non-distressed components, non-distressed sales were up 10.3 percent, but a 54.5 percent decline in non-distressed property sales triggered an 18.4 percent decline in overall year-over-year sales. And again, while these facts are important, how do they compare with what's happening with Palos Verdes Foreclosures?  

Despite December’s sizeable year-over-year decline in distressed property sales, they still accounted for 24.6 percent of total sales, which remains historically high. More importantly, distressed property sales, as a percent of total sales, are much higher in counties away from the coastal areas. Of the 26 largest counties, the eight counties with the highest percentage of distressed property sales – Fresno, Kern, Merced, San Bernardino, San Joaquin, Solano, Stanislaus and Tulare – are in non-coastal areas. In those counties, distressed property sales represented more than 30 percent of sales; Merced County was highest at 37.8 percent. Were there fewer Palos Verdes Foreclosures? The steady rise in home prices since January 2012 has helped thousands of previously underwater homeowners in California shift to positive-equity status, so they can refinance or sell their homes.

Palos Verdes Foreclosures

In December, the number of homeowners with more than 10 percent equity in their homes was nearly unchanged; in the past five months that number has increased by 4.1 percent, or approximately 200,000. Since August, the number of homeowners who are moderately to severely underwater has fallen by 12.8 percent, or approximately 160,000.

Other than my Palos Verdes Foreclosures update page, you will find other tools to measure the price trends for Palos Verdes homes in other sections of my website; explore the tabs on the home page or use the CONTACT popup to get a personalized price trend chart for your neighborhood. Despite the improvement, large numbers of underwater homeowners remain a drag on the California real estate market. In December, nearly 1.4 million (16 percent) of California’s 8.6 million homeowners were underwater while nearly 420,000 (4.8 percent) were barely above water (less than 10 percent equity in their homes). Since costs to resell a home are as much as 10 percent of a home’s sale price, these homeowners are effectively underwater. All told, 20.8 percent of homeowners (approximately 1.8 million) are underwater or barely above water and effectively shut out of the California real estate market. Several of California’s largest counties continue to struggle with much higher levels of negative equity. In Fresno, Kern, Merced, San Bernardino, San Joaquin, Solano, Stanislaus and Tulare counties, 25 to 31 percent of homeowners are moderately to severely underwater.

 

 

 
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