Realtytrac, a company that compiles data on home foreclosures, showed in recent data that foreclosures are not a national crisis, but more of a regional problem.
There are pockets, places such as Stockton, CA and Las Vegas, NV where the foreclosure rate is in excess of 4%, however, the national average is 1.033%. Considering the fact that 30% of all homes are actually free and clear of any mortgage, the true foreclosure rate is actually seven tenths of 1% of all homes.
In Santa Rosa, the price range up to $500,000 has been hit hard and about 50% of all the homes on the market in that price range are ‘troubled’ sales. So yes we are hit hard, however, looking at the nation wide numbers, it gives perspective and brings the point home that NOW is a great time to buy or move up.
Have a great day!
Mirjam (mirjam@c21alliance.com)