San Diego homes sales in October have increased year-over-year basis for the fourth straight month.  Sales have also increased for the third straight month which has not happened for this time of the year since 1992.  Foreclosures continue to represent approximately 50% of the sales.  Despite the steady drum beat of bad national economic and financial news, buyers in San Diego are pulling the trigger and buying homes.

San Diego Affordability Index is now 38.7% which represents the percent of homes on the market affordable to San Diego households earning the median income.  San Diego’s median income has increased in the past year from $69,400 to $72,100.  The Affordability Index was at it’s low at 6% in 2005.

It’s hard to predict a bottom of a market, but the data continues to suggest that the time is now.  The number of foreclosures continue to decline.  The demand for San Diego real estate is still strong.  Eventually, the supply will decrease and there will be upward pressures on housing prices in San Diego.

San Diego Weekly Foreclosure Lists 

Please click on the link below to receive the latest recorded foreclosures (Notices of Default, Trustee Sales, & Bank Owned) for the week ending 10/31/08.  The lists are searchable by zip code or city by using the find function under the edit pull down menu.  If you have any questions please call me at 760-431-8724.   

http://www.easyhouserewards.eme01.com/files_landing_page.php

Courtesy of Ellen Kiss

As usual the bean counters only know what happened after the harvest. If you really want to know what is going in Real Estate read Blogs such as mine, of course, SoCalHomeBlog.com or any of the numerous others that have the true pulse of the market . This is really old news. Those who are in the market have noticed a dramatic increase in activity since late spring of this year. Homes in Oceanside, Carlsbad, Encinitas, Vista and San Marcos are selling quickly with short sales and foreclosures driving the market.

“The National Association of Realtors says pending U.S. home sales rose in June in an unexpected piece of positive news for the beleaguered market.

The group’s seasonally adjusted index of pending sales for existing homes rose 5.3 percent to 89 from a downwardly revised May reading of 84.5. The index was 12 percent below year-ago levels.

Wall Street economists surveyed by Thomson/IFR had predicted the index would fall to 84.3. The index, which sunk to a record low of 83 in March, stood at 101.4 in June 2007.”

August 6, 2008 The Associated Press.