Taken from the February 14, 2009 article by Roger Showley of the Union-Tribune, More Than 25% of Homes in County Worth Less Than Mortgage Balance: A new analysis from MDA DataQuick shows that more than a quarter of all homes in the county are worth less than the owners owe on their mortgages. And nearly two-thirds of those who sold last year settled for less than previous owners had received.
Some key notes to consider:
- Distressed sales were most prevalent in inland areas that have been hit hard by foreclosures. Of 82 ZIP codes analyzed, 55 saw a majority of homes sold at a loss last year.
- La Jolla and Coronado were the only zip codes under 10%, and 92101 was not far behind at 12%
- Downtown continues to perform alongside luxury and exclusive communities in terms of over all value.
- See our recent Blog, SD ZIP Codes Seemingly Unaffected, where the Median Price of Downtown San Diego Condos went up by 7.4% in 2008. This was second only to Solana Beach at 11%+.
- At Seattle-based Zillow.com, a Web site that estimates the values of individual homes, spokeswoman Jill Simmons said site traffic was up 30 percent from December to January and 61 percent year over year. San Diegans’ interest was up 20 percent from December and 79 percent over January 2008 levels. She said the increases are much higher than the normal seasonal fluctuations.
- 92101 Urban Living website has seen similar increases in Web traffic since January 2009. The website went from about 800 users a day to well over 1200. That is 36,000 users a month typing in exact keywords like: downtown San Diego condos, downtown san diego lofts, Downtown san diego real estate.