I like to watch what’s happening in southern California and Las Vegas real estate markets to see what may be coming our way. The boom, for example, started in southern California, spread to Las Vegas and then eventually it hit Phoenix.
The report also found that the rate of foreclosure continues to rise in higher-priced coastal areas, such as Point Loma, Coronado and Solana Beach. The bulk of foreclosures, however, continue to be concentrated in inland, entry-level areas, such as Encanto, Chula Vista, Otay Ranch, Spring Valley and North Oceanside.
San Diego County’s median home price rose for the third consecutive month in June, hitting $314,250, the highest figure since October, and raising hopes that the region’s slumping housing market might be on the mend.
Beth Mills, spokeswoman for the California Bankers Association, said that banks are finding that loan modifications to keep delinquent lenders in their homes often aren’t practical.