Good news for homeowners and our local economy — foreclosure rates are continuing to fall as the job market improves. In fact, figures compiled by market research firm DataQuick show that the number of default notices in El Dorado County has fallen a remarkable 41.1 percent since this time last year. A notice of default is a letter from a lender to a homeowner stating that their property will be foreclosed upon if they do not make their past-due mortgage payments.
The good news extends to Sacramento County, where the number of default notices has dropped 33.2 percent, as well as Placer County, where it has fallen 28.5 percent. In fact, the entire state seems to be getting back on its feet. The Los Angeles Times reports that 2014 has seen the fewest number of defaults since 2005, well before the housing market crisis.
"Homeowner distress continues to decline because of a stronger economy and rising home prices," DataQuick analyst John Karevoll said in a press release.
All of that is good news for anyone who owns a home or is hoping to buy or sell one. As the market continues to recover, more people will be able to afford to hold onto their properties and/or purchase new ones. That, in turn, will make the local economy still stronger.
Are you considering investing in real estate in Sacramento, El Dorado or Placer Counties? If so, contact me, Jon Hesse. As one of the top real estate agents in the area, I've completed more than $100 million in realty transactions, giving me the experience necessary to guide you through the complex buying process. I can offer you expert advice, helping you find the home of your dreams! Call today.