Central Valley Real Estate Improving
Posted by caperdew on December 7, 2008
The hardest hit real estate market is California’s Central Valley. Many homeowners owing more than their home is worth are being forced into foreclosure. The inventory of home has dropped to a low level of a 2-3 month supply of available homes. The Central Valley may have felt the worst financial crises but very well may be the first to experience signs of recovery.
Safe Havens in Real Estate
Excerpt by Louis Jones
Worst Market
California Central Valley
12-month change in home values:
Merced: -42.3
Stockton: -40
Salinas: -38.7
Modesto: -37.9
Riverside: -36.8
Vallejo: -34.5
The market hit hardest by the housing bubble is the Central Valley in California, where aggressive development and price hiking has yielded more homes than jobs. Now many homeowners owe more than their house is worth and are being forced into default.
Still, it’s not all doom and gloom for the California housing market. The drop in home values has created an affordable market for first-time home buyers. And, on average, monthly sales have almost tripled from last year. Although the Valley has seen the worst of the crash, it may well be one of the first areas to recover.
Thanks,
CAROL PERDEW
wwwCentralValleyHomes.com
This entry was posted on December 7, 2008 at 5:33 am and is filed under 1, Central Valley Homes, Home Buying, Home Search, Homes for Sale, REO, first time home buyer. Tagged: California Department of Real Estate, Central Valley Bank Owned Homes, Central Valley Employment, Central Valley Home Loans, Central Valley Home Search, Central Valley Homes, Central Valley Jobs, Central Valley Real Estate, first time home buyer, Home Loan Modification, Lathrop Bank Owned Homes, Lathrop Real Estate, Manteca Bank Owned Homes, Manteca Real Estate, Merced Bank Owned Homes, Modesto Bank Owned Homes, Modesto Real Estate, Mt House Real Estate, Mt. House Bank Owned Homes, Prudential Real Estate, Real Estate License, Rentals, REO, Ripon Bank Owned Homes, Ripon Real Estate, San Joaquin Bank Owned Homes, Short Sale, Stanislaus Bank Owned Homes, Stockton Bank Owned Homes, Stockton Real Estate, Tracy Bank Owned Homes, Tracy Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
