Foreclosure activity—including default notices, scheduled auctions and bank repossessions—should return to pre-crisis levels by the end of 2015 according to Realty Trac. The total numbers fell year-over-year by 9% to their lowest level since July of 2006. This is further evidence of a healthier housing market both nationally and in California. January to February, 2015 was the best monthly increase in state-wide home sales for the beginning of the year since 1980. That gives hope for increasing gains into the spring months. Most of February’s home sales were in the Central Valley however, according to Selma Hepp, a senior economist for the California Association of Realtors who spoke to the Pacific Southwest Association of Realtors in El Cajon on Tuesday. San Diego has not rebounded as much mostly because the county is suffering from a shortage of housing inventory. Last month 2,245 units sold, which is a 13.2 percent increase from January, but it is a decrease of 1.2 percent from last year. Meanwhile conforming no point 30 year fixed mortgage rates average 3.75 percent with 15-year rates closer to 3 percent.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.