FORECLOSURES: 5 reasons for Inland celebration
From Press-Enterprise 1/15/15
Inland Southern California once the epicenter of the housing crisis is now at pre-recession levels.
Inland Southern California, once the epicenter of the housing crisis, is now back at pre-recession levels. That’s a great reason to let loose with a homeowners’ “huzzah!”
“It’s good news,” said Daren Blomquist, vice president of RealtyTrac, which this week released its numbers on foreclosures for December and for all of 2014.
The Inland metropolitan region had 20,582 foreclosure-related filings in 2014, the lowest level since 2006 and a fraction of the 126,376 filings in 2009.
Why should the Inland homeowner celebrate? Here are five reasons:
1) Once leading the nation in foreclosure activity, Inland Southern California can bank on confidence starting to build in the market. “I think we’re at a point where nobody is concerned there are enough foreclosures lurking out there to derail the housing recovery,” Blomquist said.
2) Homeowners can expect equity levels to hold or grow. They may even begin to see more movement in the market.
3) A small wave of foreclosure activity expected to hit midyear won’t reverse the long-term trend. It’s just banks taking final action to clear their books of mortgages in distress.
4) Tough lending standards in the recovery are likely to pull the foreclosure rate even lower.
5) Inland home values have been rising steadily – having fewer homes with foreclosure signs in the yard can only help bolster those increases.