{"id":474235,"date":"2010-03-26T08:23:27","date_gmt":"2010-03-26T12:23:27","guid":{"rendered":"http:\/\/www.foreclosuredeals.com\/wp\/?p=5764"},"modified":"2010-03-26T08:23:27","modified_gmt":"2010-03-26T12:23:27","slug":"san-jose-pre-foreclosures-declining-improving-home-prices","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/474235","title":{"rendered":"San Jose Pre Foreclosures Declining, Improving Home Prices"},"content":{"rendered":"

San Jose pre foreclosures<\/a> have been declining over the past few months, as lenders continued to regulate their filing of foreclosure cases. As a result, the falling inventory of foreclosure properties<\/a> on the market has been allowing upticks in home prices.<\/p>\n

\"San<\/div>\n

In February, the median sales price for pre-owned single-family homes<\/a> in Santa Clara County, where San Jose functions as the seat of county government, soared to $510,500. This marked a sharp rise of 21.26 percent from the February 2009 median of $421,000.<\/p>\n

The median price for existing condos was $315,000, an improvement of 16 percent from the February 2009 median of $271,500.<\/p>\n

It was not only the declining foreclosure listings in San Jose<\/a> that drove the increase in home and condo prices. The sharp increase in sales of higher-cost homes also pushed the median price higher. In Santa Clara, 44 percent of all homes sold in February this year were priced $500,000 and above, up from the share of 36 percent in February 2009. In the Bay Area, 32 percent of total home sales were in the $500,000 price range, far above the 24-percent share 12 months earlier.<\/p>\n

According to California housing analysts, the drop in properties posted for homes auctions in San Jose<\/a> and in the slowdown of San Jose pre foreclosures have cut down significantly the number of homes available for buyers in the area and in other parts of the Silicon Valley.<\/p>\n

The analysts reported that only around 3,300 homes and condos were available for sale on the Santa Clara County<\/a> market as of the third week of March, a sharp plunge from March 2009 when almost 6,000 units were available.<\/p>\n

Area realtors have also observed the rising number of buyers looking for $1-million homes, but they have become very choosy, looking for properties located in desired areas and do not need any refurbishing.<\/p>\n

Nearby counties are also posting higher home prices. San Mateo County posted a 13-percent increase in its median home price to $600,000, far above its February 2009 median of $531,000.<\/p>\n

Area realtors are expecting robust sales profits this spring because of the rise in prices, but other analysts warned that the price levels for some houses are still dropping.<\/p>\n

According to Foresight Analytics economist Matthew Anderson, the increase in prices and the slowdown in San Jose pre foreclosures are positive signs of recovery for the nine-county Bay Area.<\/p>\n","protected":false},"excerpt":{"rendered":"

San Jose pre foreclosures have been declining over the past few months, as lenders continued to regulate their filing of foreclosure cases. As a result, the falling inventory of foreclosure properties on the market has been allowing upticks in home prices. In February, the median sales price for pre-owned single-family homes in Santa Clara County, […]<\/p>\n","protected":false},"author":4091,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-474235","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/474235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4091"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=474235"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/474235\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=474235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=474235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=474235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}