Two recent statistics point toward a stabilizing housing market in San Diego, California. A very popular business travel destination for San Diego corporate housing, the southwestern most county in California has seen the number of its foreclosure filings drop 37% compared to the same month last year (though the California entire has one of highest rates in the nation).
On the other hand, twenty-three percent of the homes for sale in San Diego have seen a price reduction (of about 8%). That might sound bad on the surface, but it compares favorably to the national average of twenty-five percent.
Taken together, both statistics paint a picture of an uncertain housing market that, if anything, seems to be avoiding large swings in either direction. Despite historically low interest rates, stringent new loan guidelines are emptying the pool of qualified buyers. The high unemployment rate isn’t helping either. Certainly, this is a good time to rent or
lease.
What haven’t changed are San Diego’s favorable business climate, top-shelf universities, easy flight access, and famously great weather. These fundamentals continue to make it a popular place to do business and raise a family, and the local housing market will eventually once again reflect these positives.