The weekly economic news continues to point to weakness in jobs, the economy and the housing market.
The jobs market is less than optimal as many corporations continue to keep huge cash reserves and are not hiring, add to that the weakness in the economy, which of course is trickling down to the housing market and you have a current outlook that is dismal. I would argue that when we do finally start to see the jobs recovery, then we'll see that effect trickle down to the economy, housing and hopefully lending that is not quite as tight as it is today.
Foreclosure activity increases 4 percent in July
Foreclosure filings - representing notices of default, scheduled auctions, and bank repossessions - increased 4 percent in July as compared with June, but the better news is that filings decreased almost 10 percent compared with the same period a year ago, according to RealtyTrac.
Properties receiving a notice of default increased 1 percent in July compared with June, but decreased 28 percent compared with July 2009.
Foreclosure auctions increased 2 percent in July compared with the prior month, while bank repossessions increased 9 percent during the same period, according to the report.
California accounted for 21 percent of the total number of properties receiving a foreclosure notice in July, a decrease of 3 percent from June and down 38 percent compared with July 2009.
Housing Market Index
The housing market index for August fell one point to 13 and is down nine points from a recovery peak of 22 in May. This is the third month of decline and problems such as tight credit, inaccurate appraisals and competition from distressed properties continue to plague the market.
Existing home sales are due out tomorrow and new home sales are due out on Wednesday, both expected to come in lower.
On a local level we've seen the inventory here in the Burbank housing market continue it's upward spike as we're now at 5 months of inventory as compared with a 2-3 months supply early this year.
Burbank Real Estate Market-July 2010
- Homes listed for sale: 114
- Homes sold in September: 55
- Average home sale price: $502,049-down 1.5% from June 2010
- Average days on market: 63
- Pending sales:41
- Average selling price % of list price: 97.37%
Source: Southland Regional Association of Realtors
Nice work keeping everyone up to speed on the market stats for your area. The buying public want as much info as possible when considering an area and your statistics are important in their process.