Real Estate News Bubble Briefs


Foreclosures Fall in El Paso

The El Paso Times picked up a story indicating that their city’s housing market may be doing better then the rest of the country. Foreclosures in El Paso, Texas have fallen 32 percent in the third quarter from the same period last year. In comparison, statewide, Texas foreclosures increased 18 percent in the third quarter, and nationwide, foreclosures increased 43 percent in the same period.

Southern California Sales Slip
According to the Mercury News home sales in Southern California slowed down to a 10-year low in October. For the month 22,117 new and resale houses and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, a 22% decline from October of ’05. The last time less homes were sold during the month of October was in 1996 with 18,505 sales.

60 Foreclosures A Day During September in Massachusetts

While things are looking up in El Paso, they are moving in the other direction in Massachusetts. In the third quarter, foreclosures climbed 66% year over year to 4,891 — “the biggest increases during that time have been in Dartmouth (211 percent), Palmer (126 percent), Bridgewater (126 percent), Mashpee (123 percent) and North Attleboro (123 percent)” reports the Boston Business Journal.

Detroit Rock Foreclosure City
Things aren’t looking up in Michigan. From the Flint Journal, RealtyTrac’s numbers indicate that “Detroit’s foreclosure rate of one new foreclosure filing for every 80 households was more than 41/2 times the national average.” That is not a statistic the good people of Michigan want to hear.

About Author

Joshua Dorkin

Joshua Dorkin (@jrdorkin, Google+) founded when he saw a need for free, trustworthy information about real estate investing online. Over the past 12 years, Josh has grown the site from self-funded hobby to full-time job and passion. Today, BiggerPockets brings together over 600,000 members, housing the world’s largest library of real estate content, iTunes’ #1 real estate podcast, and an array of analysis tools, all geared toward helping users succeed.

1 Comment

  1. San Diego Lasik Doctor on

    Interesting post, San Diego, one of the hottest real estate markets in the past five years, has now becoming a leader in depreciation. Most real estate professionals would argue with the official stated amount of depreciation in favor for a more realistic approach of 10-15% from the high made in the summer of 2005. When one considers that the median home price in San Diego is approx. $550,000, this is quite a big drop. The insider consensus would seem to favor a much greater decline in 2007 when the majority of 100% adjustable loans will come up for their first adjustment or re-amortization

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