Here are some recent stat's I wanted to share about the Real Estate Market in Stanislaus County.Buyers are for sure buying in Stanislaus County and what a difference a year makes. Single family home closed transactions rose 30.5% in April 2009 compared to April 2008. Active listings have decreased 56.2% from 3836 in April 2008 to 1679 in April 2009 which has started to stabilze prices where currently the Median home price is $132,000.00. Home prices have now become affordable again in our area. Inventory is down causing multiple offer situations on almost all listings but depending on what happens with the foreclosures in the next couple of months no one can predict what will happen!!!All we can say Real Estate is a solid investment and its a great time to buy!
I just found this... if you want to know the state of the market here is what freddie mac released today..The results were driven by $8.8 billion in credit losses due to soaring delinquency rates and falling home prices, and $7.1 billion in writedowns of the value of its mortgage-backed securities. More than $63 billion of Freddie Mac's loans were either 90 days overdue or in foreclosure at the end of March, nearly triple year-ago levels.
What is the Notice of Default Rate. That is the number that will paint the future of the market. We are at record highs in San Diego County. All the professionals in this industry in San Diego says we are at a lull before the storm.... I have spoken to clients that have BofA mortgages and have not paid for now into the 6th month and have not even got a call, let alone a notice of Default. I have a few short sale listing where they have done the same thing, I have one that has not paid in a year and only the NOD was filed and they have not got a call and by State Law now they have to call the client and try and do a loan mod. This is a crazy time in California.
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