IRVINE, CA—The residential real estate marketboth informs and reflects activity in the commercial realestate realm. RealtyTrac keeps closewatch on foreclosures, sales and other relatedissues in the residential real estate industry. We spokeexclusively with Daren Blomquist, VP ofRealtyTrac, about the biggest changes he saw in the residentialmarket during 2014 and what he believes lies ahead in the newyear.
GlobeSt.com: What do you consider to be the mostsignificant changes the residential real estate market experiencedduring 2014, either in terms of foreclosures, sales or anythingelse?
Blomquist: The transition from arebounding market to a reality-based market, which happened in thesecond half of the year, as evidenced by two trends:
- Annual home-price appreciation has slowed to single digits inmost markets. Our data shows year-over-year home-price appreciationwas an average of 6% in November among all metro areas with apopulation of 500,000 or more (102 total). That is down from anaverage 10% in November 2013.
- Cash sales in the third quarter dropped backclose to historic norm of 33% and the lowest level since the fourthquarter of 2010.
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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.
