Here some good news about the real estate market: Capital Economics, an international real estate consulting firm, expects the housing crisis to end this year. One of the reasons: loosening credit. Right now is certainly a great time to buy a house in San Diego while inventories are good.
What is changing in the real estate market
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings. Banks are also loosening loan-to-value ratios which Capital Economics says is "the clearest sign yet of an improvement in mortgage credit conditions." In contrast to a low of 74% reached in mid-2010, banks are now lending at 82% LTV.
Foreclosures are down
In addition, the San Diego Union-Tribune recently reported that both completed foreclosures and the number of San Diego property owners who started the foreclosure process are down compared to year ago. San Diego County recorded 726 foreclosures in January, down 24.3% from January 2011. The county's peak was 2004 in July of 2008.
Remember that we are here to assist you or your friends, family and business associates with their property inspection needs. If anyone you know is in the process of buying or selling a home and is looking for a certified home inspector in San Diego we would appreciate it if you would mention our name.
