Foreclosures and Short Sales
Will these affect the local market for real estate in Mission Hills and if so how much? What do you think? It is not any surprise to consumers out there that buyers are sticking it out for good deals. In such an affluent and beautiful area so centrally located will there be more short sales and people defaulting on their mortgages?
Current Real Estate Inventory in Mission Hills
Let’s look at the data for 2008, as of today there are 213 active listins in the 92103 zip code for single family detached and attached homes. One year ago that was at 260 – great news for sellers, inventory seems to be going down. Let’s see what the ratio is for short sales and foreclosures.
Short Sales and Foreclosures
Of those 213 properties currently on the market, 33 are short sales and 5 have been foreclosed on with a whopping 94 properties showing that there is a Notice of Default.
What does that mean for Mission Hills buyers and investors?
Stayed tuned for an interesting Mission Hills market in 2009!
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