California Foreclosure Crisis Easing
That is a headline in the Los Angeles Times today. The crisis here in California is ebbing. Fewer home loans are defaulting because the job market has improved. Employers are hiring again here in California. The foreclosure rate is the lowest since 2007. Great news!! Economists are even going so far as to say that a second wave of foreclosures is unlikely. The housing market has bottomed, Kenneth Rosen, an economist at UC Berkeley said. While the rest of the state is saying that their inventory is high, La Jolla and Del Mar agents are complaining that our inventory is low. Rancho Santa Fe does have a high inventory. Those homes will sell and we will begin to see appreciation. All indications this time around are that the prices will rise slowly. With interest rates so low now is the time to buy.