Great news for Huntington Beach home owners as RealtyTrac, a real estate information company and foreclosure tracking service, reported foreclosure filings declined around Southern California during the month of November. There was a 5.3 percent drop from October, and a precipitous 56 percent decline year-over-year from November 2012. This has pulled Southern California foreclosure numbers back to more normal levels.
RealtyTrac found that the Los Angeles, San Diego and the Inland Empire metro areas all experienced a massive decline in foreclosures. During the height of the recession and subsequent housing crisis, experts say there were approximately 2,500 foreclosures each month, especially in the Inland Empire.
Daren Blomquist, vice president of RealtyTrac, said: “The depth and breath of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed.”
Around the U.S., foreclosures became a major problem during the downturn in the housing market because so many people owed more than their homes were worth as values declined. Cities with the largest number of foreclosure filings included Chicago, Miami and Tampa, along with the two-county Inland Empire. Some places like Baltimore and Philadelphia continue to work through a backlog of foreclosures, with numbers continuing to rise.
According to Blomquist, the Southern California real estate market has managed to find stable footing and doesn’t appear to be in danger of another foreclosure crisis anytime soon. Banks and lenders are much more judicious in their vetting process for issuing loans, and home buyers understand the significance of their investment after watching countless home owners wade through the stress and uncertainty of the foreclosure process.
There are so many reasons to consider becoming a Huntington Beach home owner! If you’re interested in learning more about this fantastic coastal community in Southern California, please contact me. I’m a local real estate agent and I’d love to assist you.