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San Diego Foreclosures Increasing
The slump in the San Diego real estate marker is obvious. San Diego foreclosures are increasing by the day while at the same time the number of houses listed on San Diego real estate listings is coming down.
San Diego mortgage brokers say that one of the outcomes of the slump of the San Diego real estate market is that a lot more homeowners are holding onto their properties, waiting for the home prices to go up again before they can sell them.
As a result of this fewer pieces of San Diego county real estate are exchanging hands every month. Less than 2 per cent of homes listed on San Diego market listings last month were sold.
The slump of the San Diego real estate market is bringing down the price of San Diego homes. The average price of a San Diego house went down from $604,250 in 2005 to $601,760 in 2006. The price of homes in North County continued to hold onto their prices. The average price of a piece of San Diego real estate in North County is $635,000.
One of the advantages of the slump in the San Diego real estate market is that it is also bringing down the San Diego interest rates and is forcing San Diego mortgage brokers to come up with a lot more discounts and incentive schemes.
The slump in the San Diego real estate market is also helping home owners buy property that they otherwise would not have been able to afford. The drop in property prices in all areas of San Diego County has made even beachfront property more affordable.