San Jose Housing Market Demonstrates Stabilization Based on the Number of Houses for Sale and Versus Foreclosure
Third quarter reports demonstrate a rise in the number of homes in which banks began the foreclosure process but the overall number of homes that went into full foreclosure is down.
- (1888PressRelease) October 31, 2010 - USA, San Jose, California - Third quarter reports demonstrate a rise in the number of homes in which banks began the foreclosure process but the overall number of homes that went into full foreclosure is down. The reduction in the number of foreclosures in San Jose demonstrates a stabilization of the economy and city which has the potential to increase the number of houses for sale.
County recorder offices demonstrate an overall decline in the number of recorded foreclosures in California. From July to September of 2010 there was an increase of 18% of recorded foreclosure processes from the prior four month period. However, when reviewing the numbers from July to September of this year and the numbers from July to September of last year a decline of 26% is demonstrated. This calculates to a little over 30,000 homes which did not go into foreclosure.
Higher end markets in California demonstrated a decline in the number of houses which entered the default process. This number decreased approximately 1% from quarter to quarter, but demonstrated a yearly decline of a little over this one percent mark demonstrating houses are beginning to retain their value and equity.
These declines in the numbers of homes in the foreclosure process demonstrate that the economy and housing market may be stabilizing. This stabilization indicates the local market and community area is more than likely a place where people will want to become part of namely through becoming a home buyer.
An area such as San Jose, California which demonstrated a decline in the number of foreclosures has the potential to become a city where people will move into. A reduced number of foreclosures show that houses in the San Jose area are retaining and increasing their value which home owners appreciate when it comes time to sell. As San Jose is a city which succeeds in technological development, it offers the opportunity for more jobs. These two combinations make the city a profitable place.
Many realtors in San Jose can help potential buyers become long standing citizens of the area by buying one of the houses for sale. These housing specialists understand the foreclosure process and can guide buyers into the areas of California which are demonstrating strong declines in the foreclosure process. These declines are helping cities become stronger communities both financially and socially.
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