Digital Journal cites on December 5, 2013: Recently, residential real estate activity in California has slowed somewhat. According to PropertyRadar, California home and condo sales dropped 16.8 percent from August to September, which is not entirely unusual as the volume of residential real estate sales usually drops in the fall and winter.
In the News
DSNews.com cites PropertyRadar on November 15, 2013: Foreclosures edged up over the month of October in California but continue to remain well below year-ago levels, according to PropertyRadar.
HousingWire cites PropertyRadar on November 13, 2013: California foreclosure activity inched higher in October but has been hovering around the same benchmark since June, which is at or below pre-crisis levels, PropertyRadar reported.
The Business Journal cites PropertyRadar on November 13, 2013: Madera County was the one bright spot when it came to foreclosures in October as the rest of the Central Valley saw spikes in new filings.According to new data from Property Radar, there were 34 notices of default filed in Madera County during the month, down from 50 in September and 87 last year.
Inman News cites PropertyRadar on October 16, 2013: Despite a whopping 25 percent year-over-year jump in the median sales price of a home in California in September, 22 percent of homeowners in the Golden State remained underwater. That’s 1.5 million who owe more on their mortgage than their home is worth — down just over 50 percent from five years ago, according to real estate data firm PropertyRadar.
HousingWire cites PropertyRadar on October 15, 2013: Foreclosure activity in California dropped to its lowest level in seven years, reflecting the ongoing recovery in the California real estate market and the impact of the California Homeowner Bill of Rights, PropertyRadar claimed in a new report.
In addition, notices of default in the state fell 19.5% in September, the largest one-month decline since March, while also declining 54.9% for the year.
Sacramento Business Journal cites PropertyRadar on October 17, 2013: “Foreclosures, both in the region and statewide, have dropped to a seven-year low, or about as far back as PropertyRadar’s existence began, according to figures released this week.
That’s the good news. The bad is that locally, thousands of homes are still underwater, and the overall housing market trend doesn’t clearly suggest they’ll be saved by rising appreciation, said Madeline Schnapp, director of economic research at PropertyRadar.”
HousingWire cites PropertyRadar on August 20, 2013. “California’s single-family home market experienced a sharp uptick in the sale of non-distressed properties in July, PropertyRadar claims in their July 2013 Real Property Report.
The sale of single-family homes and condos escalated 12.1% from June to July in California, while rising 12.9% over the course of the past year.
“With the exception of the temporary bounce in July 2009 sales from the first-time homebuyer tax credit, July 2013 sales were the highest since July 2006,” said Madeline Schnapp, director of economic research for PropertyRadar.
“The spike in mortgage interest rates has pushed fence-sitters into the market out of fear rates will go higher and impact sales,” Schnapp added.
Additionally, 1.8 million California homeowners with a mortgage were underwater in July. “
DSNews cites PropertyRadar, August 20, 2013. “The California real estate market continued to experience rising home prices and strong sales in July, but negative equity still remains a significant challenge, according to a report from PropertyRadar.
Out of the 6.8 million California homeowners with a mortgage, 26 percent, or 1.8 million, were underwater as of July.
Another 500,000 are barely managing to stay above water, with no more than 10 percent of equity in their home. When factoring in closing costs for these homeowners, they would still “effectively” be underwater, according to PropertyRadar.
This means about one third, or 2.3 million homeowners, are still unable to sell due to lack of equity.
Even though millions of California homeowners are unable to sell, sales for single-family homes and condominiums saw monthly and yearly increases of 12.1 percent and 12.9 percent, respectively.
“With the exception of the temporary bounce in July 2009 sales from the First-Time Homebuyer Tax Credit, July 2013 sales were the highest since July 2006,” noted Madeline Schnapp, director of economic research for PropertyRadar.”
DSNews cites PropertyRadar, July 19, 2013. ”Distressed property sales have declined drastically in California over the last year, according to a recent report from PropertyRadar.
In June, sales for distressed homes and condominiums plunged 46.5 percent year-over-year in June. On the other hand, non-distressed property sales shot up by 31.3 percent during the same time period.
Government intervention is the main driving force behind the declines in distressed property sales, according to the report authored by Madeline Schnapp, director of economics research at the firm.
For example, PropertyRadar reported California foreclosure sales totaled 2,159 in June, representing a 14.1 percent decrease from May and a 63.6 percent decline.”