Real Estate Newsline
Top real estate headlines delivered monthly.
- National Foreclosures Down Y-O-Y
- How CA Ranks in Property Tax Rates
- Are Tiny Homes Coming to SD?
CoreLogic released its March 2016 National Foreclosure Report showing foreclosure inventory declined 23.2% and completed foreclosures declined 14.9% compared with March 2015. The number of completed foreclosures nationwide decreased year over year from 42,000 in March 2015 to 36,000 in March 2016, representing a decrease of 69.7% from the peak of 117,782 in September 2010.
As of March 2016, the national foreclosure inventory included approximately 427,000, or 1.1%, of all homes with a mortgage compared with 556,000 homes, or 1.4%, in March 2015. The March 2016 foreclosure inventory rate is the lowest for any month since October 2007.
CA Property Taxes Not The Highest Comparably
The average median property tax rate across the nation is 1.31%. That means a home owner with a home valued at $200,000, on average, pays an annual amount of $2,620 in property taxes, according to an analysis by CoreLogic’s data team. Illinois has the highest median property tax rate at 2.67%. Hawaii, on the other hand, has the lowest at 0.31%. CoreLogic calculated the median overall property tax rates nationally by state. Researchers took into account all taxing and collection entities. Take a look at the chart below to see how CA ranks.
The tiny home movement has taken the Nation by storm – but can it work in San Diego County? One San Diegan thinks so and is proposing a 20-home project in North County. Up against potential environmental and community opposition hurdles the project, Habitats Tiny Homes, already has 17 interested residents who’ve put down a $1,000 deposit for spaces in the community.
Currently only about a half-dozen tiny homes exist around the County and only two dedicated tiny home communities exist in California. Tiny Homes are priced anywhere from $35,000 to $60,000 without the land. A new but growing trend, California’s State Department of Housing and Community Development is taking note and beginning to issue guidelines that local officials can use to classify tiny homes. Read more.
Is someone you know thinking about buying or selling?
Have them call me! I’ll help them get started.
Laura Sechrist Molenda