The San Benito County housing market might finally be getting closer to a rebound as the October numbers show a much less drastic foreclosure rate than the prior couple of months.
The number of homes entering some stage of foreclosure fell by 59 percent from September, while San Benito County moved down from second worst to 10th worst in the state. A code enforcement official also now contends that more and more homes are being better maintained than during the worst times in this crisis.
According to RealtyTrac, which tracks the housing market, 105 new properties entered the foreclosure market in October, equal to the January numbers and a sudden ease on the brake for a previously sharp incline. There were 256 and 249, respectively, in the prior two months before October.
The figures track properties whose owners have received a notice of default from the bank, a notice that their home will be sold by the bank, or they've had their home seized and auctioned by their lender.
Another optimistic piece of news was the ratio of local homes in the foreclosure process. In October, that number was one of every 170 San Benito County residents, much better than the one in every 70 homes in September and one of every 72 in August.
Hollister Code Enforcement Officer Mike Chambless also noted how foreclosed properties seem to be "better maintained these days, which means they are getting on the market faster which is good."
Chambless explained that the process of getting a foreclosed home back on the market seems to have become "streamlined," allowing homes to be sold to owners who maintain them much more quickly.
Jeff Gatlin Jeff Gatlin is a staff writer at The Hollister Free Lance. You can call him at (831) 637-5566 or send him an email.
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