DataQuick reported a slight decline in the number of mortgage defaults (notices of defaults or NODs). The number of NODs in 2009Q3 was 9,833, down from 10,852 in 2009Q2 and 13,276 in 2009Q1. The number of trustee's deeds (foreclosures) rose slightly to 4,999 in 2009Q3 (4,769 in 2009Q2 and 4,814 in 2009Q1). Home sales have been running about twice the rate of foreclosures, which means the inventory of lender-owned properties is likely declining.
According to DataQuick, the median home sale price rose to $150,000 in September. September marked the fourth month of rising or unchanged median sale price. There may have been a rush to buy homes because of the expiring home buyer tax credit, which the government has just extended to April 30, 2010.
In September, 294 residential building permits were issued, compared to 158 issued in August. Of those, 113 were single-family residences (SFRs) and 181 were multi-family units. SFR activities were mostly concentrated in four defined areas: Fontana (30), unincorporated County areas (27), and Rancho Cucamonga (20). Most multi-family activities were in the City of San Bernardino (165).
There were no commercial office, industrial, and retail building permits issued in September. This is only the second time this year (besides March) that we saw a triple "0". For commercial office, this is the 4th consecutive month of no activity. For the past 13 months, there were 9 months in which there were no commercial office building permits issued. With vacancy rates over 23% in the 2-county region, builders are both unwilling and unable to build -- financing has totally dried up.
According to DataQuick, the median home sale price rose to $150,000 in September. September marked the fourth month of rising or unchanged median sale price. There may have been a rush to buy homes because of the expiring home buyer tax credit, which the government has just extended to April 30, 2010.
In September, 294 residential building permits were issued, compared to 158 issued in August. Of those, 113 were single-family residences (SFRs) and 181 were multi-family units. SFR activities were mostly concentrated in four defined areas: Fontana (30), unincorporated County areas (27), and Rancho Cucamonga (20). Most multi-family activities were in the City of San Bernardino (165).
There were no commercial office, industrial, and retail building permits issued in September. This is only the second time this year (besides March) that we saw a triple "0". For commercial office, this is the 4th consecutive month of no activity. For the past 13 months, there were 9 months in which there were no commercial office building permits issued. With vacancy rates over 23% in the 2-county region, builders are both unwilling and unable to build -- financing has totally dried up.
