There’s no question about it: the real estate market is changing. A few years ago, the Escondido real estate market was flooded with distressed properties, including hundreds for bank-owned properties. Additionally, investor buyers (and any home buyer) could purchase a property for cents on the dollar.
Now, we are seeing some changes in the market. Since the inventory is low, values are increasing. Short sales and foreclosures are slowly beginning to clear out to make way for a new seller’s market.
Here are some interesting facts about the market:
- According to Corelogic, 412,000 short sales were successfully completed in 2012. Corelogic anticipates 400,000 short sales to be completed in 2013.
- Also according to a Corelogic report from January of 2013, “negative equity and near-negative equity mortgages accounted for 26.8 percent of all residential properties with a mortgage nationwide in the third quarter of 2012.”
Like data? Want more statistics? Check out and download this interesting report on the state of distressed properties.