“Last month only 7 percent of homes sold in SoCal fell in the foreclosure resale category, a 7 year low. This is a big trend change in the market as investors continue to be a big player in the real estate market while distress sales drop dramatically. What is interesting from the data is that the typical mortgage payment for those buying with a mortgage is still very low signifying income pressures. There is little doubt that SoCal is in a real estate fever. That fever may be drawing back a bit with inventory rising and prices getting out of reach for many but the investor play is still sucking up a lot of new inventory that hits the market. It might be useful to compare current housing data to figures reached during the peak of the market. How far have we come and where do we go from here?”
