Two of the issues that have most impacted the national (and California) real estate market since 2007-2008, have been the huge influx of distressed homes coming on market and the large overhang of unsold newly-built homes that sat on the market. Both of these trends are turning around dramatically. While San Francisco was never affected by foreclosures as much as many other areas, still in recent years the percentage of distressed home sales, while concentrated in certain neighborhoods and in the lower price ranges, has been around 20%. That percentage dropped to about 15% in April. New constructions stopped in its tracks in 2008 in SF, but now -- with inventory incredibly low and buyer demand climbing -- we're seeing a strong upsurge in renewed builder interest in building new homes in the city.
Nationally, according to?RealtyTrac, foreclosures sank to their lowest level in five years during April. According to the National Association of Home Builders.?homebuilder confidence reached its highest level in five years, and according to the Census Bureau, starts on housing construction?in April were?29.9 percent over the April 2011 rate.
These are just two more trends of an improving economy that have large ramifications for the real estate market in coming months and years.
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