Foreclosures are freefalling in San Diego
A significant corner for real estate in San Diego county last quarter was turned as foreclosure levels plunged 25.3 percent, according to the San Diego Union Tribune. With the country hoping for foreclosures to drop as a barometer for overall economic recovery, these numbers prove positive for those in real estate and exude the overall growth of the city.
A drop in numbers
Not only have foreclosures dropped in the last quarter, they have decreased by 50 percent since this time last year. With more businesses and financial sector jobs moving into the city and residents buying homes for sale in San Diego, analysts are now saying that the metropolitan's economy is slowly improving. San Diegans also received fewer default notices, which are the first step in all foreclosures. Those numbers fell 1.4 percent from April to June. According to the Union Tribune, these levels are the lowest they have been since the economic downturn in 2008, an assuring sign that the housing market will continue to grow in San Diego.
Home sales staying strong
The Union Tribune stated that the reason home sales continued to exhibit growth was the growing number of short sales as opposed to foreclosing. Of all of the houses for sale in San Diego from the last quarter that were resold, nearly 20% were due to short sales according to estimations.
Data indicates that the entire state of California is exhibiting signs of growth in the housing market, according to The Los Angeles Times. Notices of default fell 3.6 percent from last year and 2.9 percent since last quarter. Investors and real estate agents are remaining hopeful that this is a turning point for the whole state, because as with San Diego, these are the lowest numbers analysts have seen since 2007. With spring sales carrying over into the summer, these numbers are showing that the city is seeing significant growth on a monthly basis, making San Diego a stable place to find a home in an improving economy.
Jobs, jobs, jobs
The Union Tribune also reported that local businesses added more jobs in the month of June than any other month in the past two years. Because of this increase, there are 24,000 more jobs in the city compared to last year, accounting for the sharp rise in home sales. These job numbers have nearly tripled since 2011, showing how attractive San Diego is as a place to raise a family, find career opportunities and buy a home.