If you look at a map of the U.S. that is shaded according to the percentage of housing units that are in foreclosure, the focal points of the county’s recent real estate meltdown can still be seen. Nevada continues to lead the list, as it did during the heart of the crisis, while Florida, always near the top, now ranks second. But California, once running close to Nevada, has recently improved significantly. In fact, California is now experiencing what some are calling the beginning of a real estate boom.
A few years ago, California was considered one of the ground-zero states in terms of foreclosure activity, with California and a few other hard hit states accounting for more than half of all foreclosures in the nation. Some California cities, like Merced, had foreclosure rates topping 10%. In 2009, a record 600,000 homes in California received a foreclosure filing, the greatest number of any state.
Today the California real estate headlines are all about shrinking inventory and rising prices. The number of foreclosure sales in California has dropped to nearly half of what it used to be, while sales prices have increased every month for the past year. Most recently, median sales prices in California are reported to have jumped by over 8% in March alone.
California-based Loans4Less.com, an expanding online mortgage loan brokerage, finds itself in a perfect position to take advantage of this rapidly rising sea. However, unlike the previous real estate bubble, where mortgages were nearly handed out like candy at a state fair, today’s mortgage market is far stricter. It’s a new-found respect for the principles of sound underwriting that fits neatly with the Loans4Less philosophy of focusing on “A” paper residential loans. The company was recently ranked by Origination News as one of the top 2012 loan producers by dollar volume, and they are actively seeking to use partnerships and online technology to expand their successful business model across the country.
For more information, visit www.Loans4Less.com
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