Housing Market May Be on the Rise in Ventura County
The most recent data shows that price declines are slowing down in many areas including Ventura County. Sales of new homes are improving nationally and foreclosures in Ventura County are dropping. Economists are happy with fewer foreclosures on the market since the influx of foreclosures being sold at record low prices in Ventura County has had a significant impact on home prices.
Home prices are still significantly lower in Ventura County than their peak in 2007, when the median-priced home in Southern California sold for $505,000 and the median price last month was $280,000.
Although the economy is improving overall, unemployment, retail sales, and corporate profits have not had significant gains resulting in housing also not having significant gains, however, prices appear to be stabilizing in Ventura County and sales volume has increased.
In the Ventura County area, foreclosures dropped 17.6% from the same period the previous year, which results in the least amount of default notices filed since the second quarter of 2007.
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