San Diego County Home Sales Climb Nearly 9%
Category: San Diego Real Estate
Published: Tuesday, May 26, 2009
San Diego County home sales rose 8.8% in May, fueled by still record numbers of San Diego foreclosures and favorable interest rates. Interest rates have increased slightly in recent weeks however, and prices could drop even further as a result. The current median home price is $295,000 in San Diego County, up slightly from April but still down 22.4% from May a year ago. With interest rates hitting the mid 5's this week, sellers may be forced to lower their prices once again to compete for fewer qualified buyers in the tightened credit market.
Foreclosures Still Available in All San Diego Markets
Even though home sales rose nearly 9% there are still plenty of San Diego County foreclosures for serious buyers. Whether you are looking for costal Encinitas bank homes or inland Escondido foreclosures, prices are well below the market peak of July, 2007 and even with interest rates creeping upward, buyers are looking at mortgage payments in low $1,000s. The average mortgage payment entered into last month was $1,052, according to market analyst MDA DataQuick. This is $1,782 lower than May, 2009 and when adjusted for inflation, today's mortgage payments are 60% below the previous market peak. With everyone counting their pennies these days, there has never been a better time to buy San Diego County bank homes.
It is too soon to tell how the increased interest rates are going to affect current homeowners looking to refinance or for buyers looking for additional properties. Buyers still shopping for San Diego bank owned bargains should act quickly to lock in their deals at financing they can afford. If you have a pre-approval letter, check with your lender to make sure you are locked at the lower rate and contact the experts at Oak Tree Realty Group San Diego today to find the perfect property at the right price.
Oak Tree Realty Group San Diego specializes in San Diego foreclosures and San Diego County foreclosures in every community. For information on all the finest San Diego foreclosure homes contact Oak Tree Realty Group San Diego at 1-800-516-7791 for a custom showing.
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