Home prices in San Jose increased in April as the number of bank owned real estate foreclosures dropped. The increase in sales of million-dollar houses also helped push up price levels in the area.
In April, only 383 foreclosures were completed in Santa Clara County, and with San Jose bank owned properties already included in this smaller figure, foreclosure activity in this area has really slowed down. The number of default notices was 923, a sharp fall of 32 percent from the total in April last year and down by 15 percent from the previous month.
With the decrease in bank reo houses for sale in April and the increase in sales of high-end houses, the price median for single-family resales in Santa Clara County climbed up to $550,000, a jump of more than 26 percent from the April 2009 median of $435,000. The price median for condos was $335,000, also marking a substantial rise of 31 percent from the median in April last year.
Meanwhile, the price median for high-end properties in Silicon Valley that got sold in April rose to $1,395,000, up by 7.3 percent from the April 2009 median. This showed that the price impact of bank owned real estate foreclosures has been declining.
A total of 229 high-priced homes in Santa Clara were sold, more than twice the 104 units sold in April 2009 and 32-percent more than the 173 units sold in March. All these homes were purchased for over $1 million.
Foreclosure activity also slowed down statewide in April, but the number of bank owned properties in California increased slightly to 16,932 units in April. While lenders filed fewer pre default notices, they stepped up their efforts in completing foreclosure actions that have been delayed by modification efforts that eventually failed.
Analysts said that Santa Clara County and nearby areas have started to recover from bank owned real estate foreclosures as more high-priced homes are getting sold and units are getting purchased more quickly.
Notice: In accordance with FTC guidelines, we state that RealEstateProArticles.com has financial relationships with some companies and may be compensated if consumers choose to buy, subscribe or take any action to a product or service via the links on our website. Occasionally, we receive free access to review a product or service. We do not accept compensation in exchange for a positive review. These reviews are strictly the opinions of the author.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites