Rising Home Prices in Homes for Sale in Stockton and Lodi
Although the full story is not in yet and things change in this market rapidly it appears from the latest reports that home price are on the rise. Defaults on homeowner’s mortgages are at the lowest point in 3 years. Recent data indicates that the second quarter notices of default are down 13.6% from the same period last year and the lowest since 2007.
This is good news for home owners who are locked into their homes because their mortgages are greater than the market value of their real estate. I don't project that home prices will balloon like they did in recent years. This has already had an influence on foreclosures but also influence the short sale market. Don't assume we are out of the woods yet, it appears the recovery in the housing market for California real estate will be slow. The rise in home values may have a dampening effect on strategic defaults and short sales.
What does this mean? It shows an upward trend in Stockton Real Estate and a more optimistic view for homeowners. For home buyers it may be an indication they need to jump into the market before prices rise much more and their home purchase will be more expensive. Interest rates for mortgages are at their lowest point since 1971 and loan requirements are becoming more stringent with lenders requiring higher credit scores.
The Lilly Team is committed to assisting both buyers and sellers. We have a proven track record and over 30 years of real estate expertise. We can assist you in Stockton and Lodi Foreclosures, Stockton Lodi short sales, Homes in Stockton for sale, homes in Lodi for sale. We can assist home owners in evaluating and marketing their home for sale. Call us at 209-479-9222 or e-mail us at thelillyteam@comcast.net or visit us at www.hughlilly.com .