Homes For Sale in Stockton: A Decline in Foreclosures
Foreclosures comprise
approximately 20 percent of homes for sale that closed escrow in the third quarter
according to RealtyTrac a leading reporting company in the U.S. There has been
a notable decline from the third quarter of 2010 when foreclosures amounted to
over 30 percent of home sales. During normal housing markets foreclosures were
5 percent or less of closed sales. There has also been a significant decline in
foreclosures coming on the real estate market and especially homes for sale in
Stockton and homes for sale in Lodi listed on the Multiple Listing Service
(Metrolist).
From all
indications mortgage lenders and servicers have purposely slowed the processing
of foreclosures as they have come under increasing pressure from government
oversight and litigation. The robo signing scandal coincided with this down tic
in foreclosures. Another big reason for the slowdown is that mortgage lenders
and servicers don’t want to inundate the real estate market with foreclosure a further
depress home values.
Buyers are
having difficulties purchasing homes because of a low inventory of homes on the
real estate market. Lower sales prices and some of the lowest mortgage interest
rates in over 40 years should be a boon for buyers but the inventory of available
homes on the market has been a problem. Short sales in the Stockton and Lodi
real estate market are dominating the homes for sale; approximately 73 percent
of homes for sale in Stockton and Lodi are distressed mortgages. This situation
has had an effect on sellers with equity in their homes having to discount
their sales prices. The Real Estate Sales Team of Hugh Lilly and Maria Estrada
at PMZ Real Estate have been helping buyers and seller realize their real
estate goals call us at 209-479-9222.Search our site for homes in Stockton and
Homes in Lodi.