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Where is this real estate market going? Today, published in our local newspaper “The Record”

WASHINGTON (AP) Home construction plunged last month to the lowest level since October as the economy remained weak and demand for housing plummeted.

SAN DIEGO (AP) — A research firm reports mortgage default notices in California are at their lowest levels in three years after a fifth-straight quarterly decline.

***Below is a blog from Realty World Northern California & Nevada***

Foreclosures Likely to Surpass 2009 Levels

Repossessions climbed 38 percent in the first six months of 2010 compared 2009 and were up 5 percent from the first quarter, foreclosure listing service RealtyTrac announced Thursday.

In all, lenders repossessed nearly 528,000 homes in the first six months of the year. If that rate continues through the end of the year, repossessions will likely top 1 million in 2010, up 100,000 from 2009. [Read More]

Are you confused yet? Well I’m not! The real estate market is not getting any better since the government got involved in trying to help certain homeowners with workouts, modifications, short sales and foreclosure delays with the intent of helping troubled borrowers.

The real estate market is not going to recover unless the government allows the market to be free and a lender can enforce the terms of a note secured by a deed of trust. It really is that simple!

Less government, less regulation and less taxes will improve the economy!

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• UPDATE 2-US Treasury says June loan modification dropouts up
• Homes lost to foreclosure on track for 1M in 2010
• Homes Lost to Foreclosure Could Top 1 Million in 2010
• Foreclosure Rate: Americans On Pace For 1 MILLION Foreclosures In 2010
• U.S. foreclosure filings rise 8% in first half
• Homes lost to foreclosure on track for 1M in 2010
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• Foreclosures fall 5%
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Foreclosure Sale!

Weston Ranch is a subdivision located in the southwestern corner of Stockton, California and extends south through an unincorporated portion of San Joaquin County. There are approximately 6,500 homes in the Weston Ranch community. According to the 2000 census, the population of the Weston Ranch community was approximately 30,686.

The Weston Ranch neighborhood, a 15-year-old subdivision of modest tract homes, has the worst foreclosure rate in the United States according to ACORN, a national advocacy group for low and moderate-income families.

Recently, I have been door knocking in the Weston Ranch subdivision looking for new listings. I have been amazed that there are much fewer “For Sale” signs in the area and that obviously the foreclosure crisis appears to be improving. I think many new homeowners have taken advantage of the very distressed prices of the last couple of years in Weston Ranch and now the area is starting to show signs of pride of ownership.

Of course there still are many older homeowners who are up-side-down or have a huge negative equity, but I think finally there is improvement in the Weston Ranch area regarding the hope of increased market values in the future.

In my opinion, the Weston Ranch Stockton prices are at unbelievable low price levels and are a bargain for the first-time home buyer and rental investors.

Number of Homes for Sale vs. Sold vs. Pending

May 2009 there were 1193 homes for sale in Stockton, California in comparison to May 2010 where there was a decrease to 980 homes for sale. The number of homes sold in May 2009 was 531 and in May 2010 the number of homes sold decreased to 378. In May 2009 there were 655 pending sales which decreased to 594 in May 2010.

More graphs and charts from our MLS and TrendVision Reports

On June 13, 2010 at 11:00 AM, you are invited to an Open House at 2447 E Fremont Street in Stockton. If you are looking for a Single-family property in this area, don’t miss this rare opportunity to visit this magnificent property. For a preview of this Single-family property, check out my site at RealtyWorldDaveThurman.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

5120 Virtue Arc Dr, Stockton CA 95207

On June 06, 2010 at 11:00 AM, you are invited to an Open House at 5120 Virtue Arc Drive in Stockton. If you are looking for a Single-family (REO) property in this area, don’t miss this rare opportunity to visit this magnificent property. For a preview of this Single-family (REO) property, check out my site at RealtyWorldDaveThurman.com. Please do not hesitate to contact me if you have any questions or wish to schedule a private showing.

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Number of Homes for Sale vs. Sold vs. Pending

April 2009 there were 1370 homes for sale in Stockton, California in comparison to April 2010 where there was a decrease to 884 homes for sale. The number of homes sold in April 2009 was 643 and in April 2010 the number of homes sold decreased to 421. In April 2009 there were 726 pending sales which increased to 783 in April 2010.

More graphs and charts from our MLS and TrendVision Reports