WILL WE HAVE A BETTER CALIFORNIA HOUSING MARKET IN 2015?

Last updated on December 12th, 2017 at 02:46 am

Regardless of a mild year in real state market, the California real estate and housing marketplace stayed in-line with 2014 estimations and with a little luck set the momentum for a much better 2015. Number of homeowners troubled by mortgage payment, decreased to 28.5% for 2014.

Downtown Los Angeles, California

California Single family homes and condominium sales increased by a factor of 7% to 27,770 units, up from 25,964 in November, nevertheless down 11.4% from 31,340 in December 2013. Total home sales for the entire year fell 11.7% from 2013 and were the lowest since 2007.

Nevertheless, although prices are probably still are a bit high, 2015 could fare somewhat better thanks to mortgage interest rates trending lower and loosening borrowing rates.
Average home price tags have been stagnant for almost all of the second half of 2014, with no different in December .

The December average value of a home was nearly unaffected and stayed at $385,000, reduced by $2,500, or 0.6% from $387,500 in November of 2014. Also the quantity of homeowners in a negative equity fell 1.1% to 987,000 in December, from 998,000 in November of 2014. In December, approximately 11.4% of California homeowners owed more than their residence was worth, down from 1.4 million, a decrease of almost 28.5% from the previous year.

In addition home foreclosure starts, notices of default, elevated to 8.1% between November and December but fell to 14.3% from December of 2013. Foreclosure sales gained 6.9% for the month but were down 21.6% for the year. The monthly boost is most likely caused by increased volatility surrounding the holidays.