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IRVINE, CA-“More and more homes are now coming on the market from non-distressed homeowners thanks to the snap back in pricing that homeowners have experienced over the past 12 months or so,” says Rich Cosner, CEO of Prudential California Realty, part of the RealtyTrac Network covering Orange, Riverside and San Bernardino counties. Cosner echoes the positive findings of the firm's recently revealed foreclosure report, on which GlobeSt.com reported earlier today.
“Because these prices moved up in favor of the homeowners, more and more people are not putting their home on the market, and over time this will relieve the dire inventory shortage,” Cosner predicts.
Other areas of the country are showing signs of a true housing recovery as well. “We continue to see positive signs of growth in the Oklahoma housing market,” says Sheldon Detrick, CEO of Prudential Detrick Realty/Prudential Alliance Realty in Tulsa and Oklahoma City, OK. “The supply of available REO properties is nowhere near the level of demand, so it's becoming commonplace to receive multiple offers and to sell REOs over the listing price.”
According to Daren Blomquist, VP of RealtyTrac, foreclosure activity on the whole is way down from its high point. “US foreclosure activity in July is 64% below the peak of more than 367,000 properties with foreclosure filings in March 2010, but is still 54% above the historical average of 85,000 properties with foreclosure filings per month before the housing bubble burst in late 2006. There are a dozen states, however, where foreclosure activity levels in July were at or below average monthly levels prior to the bubble bursting. Those states include Texas, Colorado, Oklahoma, Indiana and Michigan, and we expect the number of states in this category to increase in the coming months.”
As GlobeSt.com reported yesterday, RealtyTrac and a group of real estate brokers gathered for the data source's roundtable webinar, “The Recovery of the Housing Market: Fact or Fiction?” last Friday. The brokers, who hail from Utah, Nevada, Oklahoma, New York and Southern California, affirmed that in each of their markets home prices are rising, demand is high and inventory is low, signifying a recovery in full swing.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
