California Real Estate Values - What You Need To Know

California Real Estate has been through the ringer in the past year

. It has been hit hard with foreclosures as the majority of our country has, and has seen a huge decline in the housing market. Foreclosures are still high but it is hopeful that California has seen the worst of it. Many services track the homes sold, foreclosed on, and the escalating or deescalating values of land around California. It appears that in California a few estate values may be on the rise, a slow climb, but escalating none the less.

DataQuick president John Walsh said, "Several factors are at play here and it's hard to know how they play into each other right now. A year-and-a-half ago the subprime loan mess was the black hole. Now, playing catch-up, is the financial distress households are experiencing because of the recession. Add to the mix shifting policy decisions, both by lending institutions and public policy." It is hard to predict when the estate values will be close to where they once were but once the chaotic policies and decisions start to level out and the economy has time to bounce back the market will as well.

"We are seeing signs that the worst my be over in the hard-hit-entry-level markets, while problems are slowly spreading to more expensive neighborhoods. We're also seeing some lenders become more accommodating to workouts or short sales, while others appear to be getting stricter about delinquencies. It's very noisy out there," Walsh said as he reflected on his DataQuick statistics.

Southern California has seen an increase in land values as buyers are jumping on the opportunity to buy California homes at a bargain price. The tax incentives, government backed mortgages through companies such as USAA, and a high inventory to pick from is giving the buyer a lot of support to obtain these homes. It is no wonder that the foreclosure rates are slowly dwindling and the home values in certain areas are growing. The amount of million dollar home purchases has declined and not been able to make its way back up in the market yet.

Due to the fact that California is the largest housing market in the United States it is no wonder that the faster California recovers the better off the rest of the country will be. With the largest housing market, when the recession hit the United States California spiraled down very fast along with the rest of the country. With the foreclosures being priced so low it is no wonder that people are jumping on the extremely rare opportunity to get such a great deal on a Californian home.

Foreclosures are still high but the market is determined to make a comeback. Right now it appears that California is set to start the long climb back to the top but may be slowed down by the alarming unemployment rate that is above 11% according to The Realtor Report. If this statistic does not result in more foreclosures than California is on its way back with a stronger understanding of public policy and lending institutions.

by: Kevin Rockwell

POST COMMENT

Home Treadmill Phoenix: Proper Use & Advantages Enjoy a Home Brewed Beer with Mr. Beer Coupon Codes Selecting Gas Fireplace For Your Home Spray Painting Your Car The Prerequisites Of Being A First Time Home Buyer What To Expect From Modern Bathroom Suites Backdoor Slider -How to prevent and remove Backdoor Slider effectively? New Ways You Can Do Carpet Cleaning First Time Home Buyers Locate It Difficult To Get Their Loan Approved Decorating Tips for the Home BackDoor-AWQ -How to prevent and remove BackDoor-AWQ effectively? Buying A Home When You Can't Qualify For Bank Financing Process On How To Create Cheap But Vital Products In Improving Sunroom Insulation For Spring Time