The Southern California housing market is experiencing a steady improvement, meaning the local economy is improving as well. We are finally experiencing an eight-year low when it comes to mortgage default filings.
With an improving economy comes a trend of decreased homeowner distress, which means happier homeowners! Foreclosure rates have been declining since 2009; however, although rates are improving, there is still a large amount of houses that are repossessed by the banks each year.
As recognized by the DataQuick report, 7,392 houses were repossessed in California in the quarter; representing the improvement. These numbers are one tenth of the houses that were repossessed during the third quarter of the 2008 mortgage crisis.
With these improving rates comes an increase in home prices. Therefore, many banks are starting to become aggressive in completing the foreclosure process. This trend can be best seen in the metropolitan Los Angeles area where repossession numbers have increased in the last three months.
Parkwest General Contractors is available to help you with all of your commercial and hotel construction needs. Contact Ed LaCivita or Craig Sullivan at Parkwest General Contractors if you need help making sure your hotel is safe in the Western U.S.
