96% of Real Estate Markets Are Better Off Today

Did you know that 96% of US counties are better off today then they were four years ago when it comes to the real estate market? That information comes from RealtyTrac, a real estate information company and online marketplace for foreclosed and defaulted properties in the United States. They analyzed the health of today’s housing market by comparing four main categories: home price appreciation, affordability, percentage of bank-owned REO sales, and the unemployment rate.
“The housing recovery has taken root in hundreds of counties across the country, and almost all local housing markets are better off than they were four years ago when foreclosure activity peaked in 2010, with more than 1 million homes lost to foreclosure in that year alone,” says Daren Blomquist, vice president at RealtyTrac. “We saw less than half that number of bank repossessions nationwide in 2013. Even in hard-hit markets like Stockton, Las Vegas, and Lansing, Michigan, where REO sales represented more than half of all sales in 2010, the percentage of REO sales has been cut at least in half.”
Although home prices in the majority of the counties analyzed are still under the levels we saw in 2006, inventory is low, which has launched prices past the pre-recession levels in certain markets
“Those rapid home price gains are causing a concerning drop in affordability rates in some cities, but home builders and home owners with regained equity should help provide more supply to balance out many of those markets in 2014,” Blomquist adds.
Compare the housing market’s ups and downs in this heat map which charts activity over the last eight years.
Santa Barbara County is certainly among the 96% of real estate markets that are better off today. Perhaps that means it’s time to let me help you sell your home, or buy your next dream home. My comprehensive website will help you get started on the exciting path to purchase or sale, and I’ll be your guide the entire way. Call me at 805.886.9378 or email me at Cristal@montecito-estate.com. I’ll put my 20+ years as a real estate professional to work for you!