County’s home prices are taking a beating to start the year as foreclosures have overwhelmed the market, but some real estate agents see increased buyer interest in the otherwise gloomy market.
Banks have purchased nearly as many foreclosures in North County as have individuals buying homes over the last two months, according to reports from the North San Diego County Association of Realtors and ForeclosureRadar, a California foreclosure tracking service.
“That is just the worst possible thing that could happen to a housing market; it doesn’t get any worse than that,” said Christopher Thornberg, economist for Beacon Economics. “What you’re seeing is a buildup of inventories, and that’s going to have a very nasty impact on prices.”
The median home price fell 8 percent in February from January. January’s median was 10 percent below the median a year earlier, according to the Realtors association’s HomeDex report, released Wednesday.
At $515,000, February’s median — where half the homes sell for more and half for less — has dropped 16 percent from …
