Every Monday, I access the data of foreclosure property in Kingsburg for several clients and have been doing so since 2011. Over the past couple years I have noticed a significant reduction in our local numbers. The report was 4 pages during that time and now it is down to only 1. For example; July 11, 2016 indicated a total of 21 properties is various stages of the foreclosure process, from pre-foreclosure, auction to properties going back to the bank for lack of meeting minimum bids at auction. In July or 2012, there were 61 properties. So it is very safe to say that this area of the real estate market has diminished greatly, which is a very good thing as it means people are no longer losing their homes at the rate in 2012. However, with all that said, RealTrac data shows a record share of foreclosures – 31% – are being snapped up by “mom & pop” investors with little or no experience (gotta love HGTV). When you see a high percentage of properties going to third-party investors, that could be a sign of over-inflating the market. And this was a red flag prior to our market crash in 2006 and could be considered an indication of a down turning market today. But …… I have yet to see any indication to that effect here in Kingsburg. Stay tuned for future developments.
And speaking of the real estate market in Kingsburg, in June 16 homes sold and closed escrow, which is way up from April and May. Inventory is still low with only 22 homes for sale within the city limits. The Price per Square Foot (PSF) for Active listings is at $160 and for actual Sold properties it is $149. Expectations versus reality!
We have a two more weeks of Concerts in the Park, July 21st and 28th. The last one they do each year is awesome with the live cannons. It seems that a nice breeze comes up each evening and makes for a great way to spend a very pleasant evening.
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