Foreclosures Declining in San Diego County
At Rent RPM we are pleased to report that foreclosures are continuing their downward trend throughout San Diego County. This is excellent news for the area and the county as it continues to demonstrate to the region the value of San Diego real estate making it a popular area for investments and other economic growth.
In February there were only 141 repossessed properties in the county, which is down an enormous 250+% from a year ago in 2013. February of 2014 also markets the least number of foreclosures in the county for a February since 2006, which is well before the housing marketing bubble burst in 2008. Most foreclosures occur because there is no equity in the value of the property, and with the strong economic recovery and appreciation of property throughout San Diego County in 2013 most properties and home now have earned equity to significantly lower foreclosures.
Since the beginning of the Great Recession in 2008, home ownership and real estate property foreclosures have been a sign of the weak economy. Areas with high foreclosure rates have continued to struggle well into the middle of this decade with signs that the recovery will still take years before the market is back to the stable industry it was before the house bubble burst. Now, with foreclosures in the county on the decline, San Diego County will attract new businesses and investors looking for more stable and secure markets. Several counties throughout the Golden State are still struggling with foreclosure rates making them appear weak and undesirable. In the long run this will hurt their local economies as new opportunities look elsewhere.
Appreciating values, the market moving toward stability, and the general real estate climate throughout the county are several strong points for potential real estate and property investors to consider San Diego County. As real estate investment and economic growth are cyclic and grow hand-in-hand, this news bodes well for Southern California for the rest of the year and the upcoming future. Looking forward, Rent RPM is pleased to see the economic growth in the area and is more than willing and ready to assist new real estate investors and property owners.