Worst Market Showing Improvement

The hardest hit real estate market is California’s Central Valley. Many homeowners owing more than their home is worth are being forced into foreclosure. The inventory of home has dropped to a low level of a 2-3 month supply of available homes. The Central Valley may have felt the worst financial crises but very well may be the first to experience signs of recovery.

Safe Havens in Real Estate
Excerpt by Louis Jones

Worst Market

California Central Valley

12-month change in home values:
Merced: -42.3
Stockton: -40
Salinas: -38.7
Modesto: -37.9
Riverside: -36.8
Vallejo: -34.5

The market hit hardest by the housing bubble is the Central Valley in California, where aggressive development and price hiking has yielded more homes than jobs. Now many homeowners owe more than their house is worth and are being forced into default.

Still, it’s not all doom and gloom for the California housing market. The drop in home values has created an affordable market for first-time home buyers. And, on average, monthly sales have almost tripled from last year. Although the Valley has seen the worst of the crash, it may well be one of the first areas to recover.

Thanks,

CAROL PERDEW

(209) 239-7979
wwwCentralValleyHomes.com