Have you noticed that jobs are starting to become slightly more available than they were recently? If so, you’re completely correct. And as the job market starts to stabilize, so, too, does the housing market. San Diego, like much of the country, was hit hard by the Great Recession, but being hit hard doesn’t mean our city was hurt forever. It just took a little while for the city to bounce back. Thanks to recent reports, we’re happy to announce that it sounds like we’re on the right track! There are currently 0 active Downtown San Diego Foreclosures now and we don’t see this to increase any time in the near future.
U-T San Diego recently reported that the number of foreclosures in San Diego is on a great decline. Thankfully, after the county hit 1,316 foreclosures in February alone just a few years ago (in 2008), we’re seeing a great return on investment for both buyers and sellers alike. People are staying in their homes now, and they’re able to pay their mortgages because the job market is stabilizing as well. In simple economic terms, the past few years have shown us the huge domino effect that can happen between jobs, family, and homes.
In 2006, U-T San Diego reports that 40 properties went back to being bank-owned just as the housing bubble burst, which lead to the following several years of the Great Recession, as it’s been dubbed. Now, as the economy is starting to climb its way out of the huge hole that we’ve seen for the past several years, homeowners are starting to see equity in their homes, and with equity comes a reduced chance for defaulting. Default notices were reported to have peaked for a February back in 2009 when 3,471 homeowners received default notices. Last month, default notices were down to 442.
Thanks to the job market being on the rise, and home prices starting to reflect a healing economy, homeowners now have options that they didn’t have before. In San Diego, the median price of homes has been steadily on the rise. The median house price is currently reported to be $416,000, which is a rise of 14.2% from the prior year. With improvement in the housing and job markets, people that find themselves in trouble now have the option to sell because there are, once again, buyers in the market that are able to take on mortgage payments, which, just a few years ago, just wasn’t feasible for many people.
Downtown San Diego has always been the place to be, and now living in the place where you work and play has gotten easier! If you want to learn more about real estate options that are available to you, contact Downtown 92101 Condos, and let us help you find your new home!