Mission Beach real estate housing market
The Mission Beach real estate market, a predominately residential and somewhat high-end portion of the larger San Diego County housing market, saw sharp declines in the month of July. The number of properties sold declined in both the region and the nation at large, at least partially because of the expiration of the federal tax credit. An August 24, 2010 article from San Diego 10 News stated that "According to numbers released Tuesday by the National Association of Realtors, home sales nationwide for July dropped by more than 27 percent -- which follows a large decrease in San Diego County. Since the Federal Homebuyer Tax Credit expired, home sales in San Diego have dropped off quite a bit, and real estate experts believe things may not change anytime soon. Despite the lowest mortgage rates in years and with some homes on the market that many would consider bargains, home sales around the county are slumping...According to MDA DataQuick, the number of homes sold in the county fell 21 percent from June to July, and experts cited the end of the Federal Homebuyer tax credit as a big reason why...Still, many would-be buyers are too afraid of not being able to afford a mortgage during tough economic times...Nationwide, the inventory of unsold homes on the market grew to nearly 4 million in July -- a 12-and-a-half month supply that is the highest level in more than a decade. The supply of inventory in San Diego is 4-and-a-half months."
On a slightly more positive note, fewer Mission Beach homes for sale were the result of foreclosures in the most recent tracking period, According to an August 12, 2010 report from the San Diego Union-Tribune, "Foreclosure activity in San Diego County dropped dramatically in July from the previous year, say two different reports. RealtyTrac, an online foreclosure marketplace, found there were 5,032 foreclosure filings -- which include default notices, scheduled auctions and bank repossessions -- a decrease of more than 37 percent from July 2009 when there were 8,031 filings. Foreclosure activity was up slightly, a little over 1 percent, from the previous month."
