Experts predict that increases in foreclosure and REO inflow will come from government-insured loans, according to the Auction.com 2020 Default Servicing Industry Insights. The majority of servicers Auction.com surveyed expect foreclosure and REO inflow to increase in five of seven U.S. regions. According to the report, 89% said they expect government-insured foreclosure and REO inflow to increase in 2020, the highest among four product types provided as options in the survey.
The majority of survey respondents said they expect foreclosure and REO inflow to increase in 2020 in five of seven U.S. regions provided as options in the survey. The only two exceptions were the Central and North Central regions. Respondents were split evenly between increased inflow and decreased inflow in both these regions.
“Most in the default servicing industry expect government-insured loans to be the primary source of increased foreclosure inflow in 2020, even in the absence of a widespread recession or housing downturn,” said Jesse Roth, SVP of Strategic Partnerships and Business Development with Auction.com. “That’s a rational conclusion given the rising risk profile of FHA-backed loans originated in the last five years.”
read more at: https://dsnews.com/daily-dose/02-25-2020/foreclosures-inflow-increases-expected
San Diego County’s median home price started the year at $585,000, up slightly from the previous month and pushing toward record territory.
Home prices in January were up 7.9 percent annually, said CoreLogic data provided by DQNews. The median was down from the peak reached in November of $594,909.
The same factors that have pushed up national and local home prices the past few months — shrinking number of homes for sale, low interest rates and job demand — are expected to continue to put upward pressure on prices.
Mark Goldman, a real estate analyst with C2 Financial Corp., said one of the biggest factors driving sales are lower interest rates.
read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-02-24/san-diego-home-price
If you sold a home in San Diego County last year, there’s a high statistical probability it sold for under asking price.
In 2019, 22.6 percent of homes sold for more than sellers were asking — a smaller amount than the hot post-recession San Diego market is used to.
In 2018, 25.1 percent sold above asking; 29.8 percent in 2017; 26.8 percent in 2016.
Zillow economist Jeff Tucker said the numbers are a reflection of a sluggish housing market in the start of 2019. He said there were still comparably higher mortgage interest rates at the start of the year and buyers were less likely to make a sale happen.
Breaking down the Zillow data further, San Diego County had 7.5 percent of homes in 2019 sell for asking price, and 68.9 percent sell for under.
Lower-cost markets were most likely to experience bidding wars. Spring Valley had the most homes to sell above list price at 35.1 percent. It was followed by 33.2 percent in Chula Vista and National City at 33 percent.
Carlsbad was least likely to face intense competition with 15.8 percent selling above asking.
Nationally, the best place to see home prices go above asking was San Francisco where 48.6 percent exceeded listing prices. It was followed by San Jose at 38.8 percent and Boston at 34.7 percent.
read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-02-07/fewer-san-diego-homes-sold-for-above-asking-price-in-19