According to real estate information service MDA DataQuick, filed Notices of Default declined 4.2 percent during the first three months of the year from the fourth quarter of 2009 and a 40.2 percent drop from the record level seen a year ago.1 With home prices stabilizing and starting to gradually increase in many markets, this is a great time to buy a home before all of the bargains disappear.
Other good news includes the fact that according to the National Association of Realtors®, existing-home sales rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February. That was also about 16 percent higher than in March 2009.2 Locally, the median price paid for an Orange County home was $432,000 last month, up 12.2 percent from $385,000 in March 2009.3
Add in the California Tax Credit and there has rarely been a better time to buy real estate. Contact your experienced and knowledgeable Coldwell Banker agent for the most current market information and to find out about the exciting opportunities for home ownership. You may also visit www.OCViewOnline.com to search for your next dream home.
1 Inman News. “Dropoff in California Foreclosures.” April 22, 2010. http://www.inman.com/.
2 Armour, S. (2010, April 22). “Existing-home sales rise 6.8% in March; tax credit less help?” http://www.usatoday.com/.
3 DQNews.com. “More Incremental Gains for Southland Real Estate Market.” April 13, 2010. www.dqnews.com.