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Foreclosure filings and repossessions fell to their lowest level since 2007 last year.
Total filings were down 33% for the year to 2.7 million, according to RealtyTrac, the online marketer of foreclosed properties.
Coming up with a down payment is often a first-time home buyer’s biggest challenge.
In 2010, 27% of first-time buyers received a gift from a friend or relative to use toward their down payment. That’s up from 22% in 2009 and 23% in 2005, according to statistics from the National Association of Realtors.
Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”
Those of us that have lived in the Bay Area for years know that this region has always been a little different than the rest of the country. And most of us are glad that’s so! The state of the housing market is one more example of the Bay Area running counter to national norms. Take a look at this Coldwell Banker article for more insight on the Bay Area housing market.