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Foreclosures By State: California Experiencing Market Improvement

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By : John Cutts    99 or more times read
The residential property market in San Francisco has posted some improvements as of March 2010; helping the state of California attain housing market stability and contributing to improved numbers with regards to foreclosures by state.

According to a report released by the San Francisco Association of Realtors and Rosen Consulting Group, foreclosure listings in the city have been somewhat offset by a 58% increase in completed residential property sales during the month of March 2010.

The increase, derived from a comparison with the same period the previous year, absorbed some of the inventory excess in the housing market and contributed to the strengthening competition for desirable homes among residential property buyers.

Realtors have also reported that the lack of homes for sale resulted in rising median price for single family residences which rose to $791,000 in the month of March. The rise in the selling price of single family units translates to a 19.4% increase compared with the previous year.

The March data is being seen as a positive development for San Francisco’s housing market and an improvement in the overall foreclosures by state. The good news is further enhanced by reports that the market for luxury residences in the city also strengthened. Market observers are crediting high end property buyers’ optimism for the improved market conditions.

The report from Rosen and the city’s association also showed an improvement in the condominium market. The median price of condos rose to $670,000 in March, which translates to an almost 5% improvement compared with the same period of 2009.

These improved numbers were explained by real estate analysts as largely due to financing from Federal Housing Administration, improved concessions compared with recent months, tax credits and rising number of completed condominium unit sales which showed a 76% rise compared with the year before.

The report also stated that declining foreclosure listings has resulted in the return of the residential property segment to the fundamental supply and demand concept. This, in turn, is expected to help improve the appreciation of house prices.

Improved housing market conditions in San Francisco is being seen by market analysts as a positive sign in terms of future housing sales in the city. It is also expected to contribute to the future overall decline in foreclosures by state.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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