San Diego Housing Market Update
The San Diego rates of foreclosure in March of 2012 were noted to be the lowest in a long time, at least since 2008. It’s believed that a lot of the recent improvements can be attributed the increase in the number of homeowners who sell their homes at extremely competitive rates instead of facing the horrible reality of foreclosure. It looks like there are a lot more buyers in the San Diego market taking advantage of low rates and even lower prices.
Recent Increase in San Diego’s Housing Market
Less than 500 homeowners lost their homes to foreclosure in April which is lowest number in the county since 2007. This is an extreme low and is more than half of what the number was in 2008. Foreclosures throughout the state were noted at record lows compared to 2007. There were many analytical projections that the amount of foreclosures in California was expected to increase exponentially but it hasn’t happened yet.
There’s a recent study that evaluates the different ZIP codes in Los Angeles and their foreclosure percentages which have shown improvement in San Diego housing market this year. The 92020 area has shown significant progression and stands out from the surrounding ZIP codes.
Most Improved San Diego ZIP code regions
The sale and purchase amounts of homes in the San Diego county were categorized by their ZIP codes were analyzed to come up with this list of the most improved ZIP codes in San Diego county. Some ZIP codes were left out there weren’t enough sales in the area to qualify for this study.
Logan Heights is the most improved area within San Diego county which has shown huge advancements and competitive rates. This east San Diego neighborhood offers great properties at affordable prices. This is one of the reasons that brokers and home buyers see so much value in the 92113 region.
The El Cajon area has been extremely popular with home flippers and real estate developers because they’ve had the opportunity to invest in amazing properties for less than normal. The average price in 2006 was over $400,000 which has now dropped to less than $300,000. These prices are a steal which has made 92020 area a home flipper’s dream.
Escondido is a well known San Diego region which offered homes for up to $400,000 or more from 2005 until now. The value of homes in Escondido soared to prices above $500,000 at the end of 2007. The prices of these homes dropped about 30 percent shortly after and have continued to do so. The average price of an Escondido home is roughly $200,000 and has stayed around this price range for the last couple of years. This is why the 92025 area has seen such an exponential growth recently.
The College area of San Diego County is another one of those communities which have seen so much growth at one point of time but have been hit hard throughout the recession. The average price of a home within the 92115 area has shown a slight increase but also has a high number of foreclosures.