Research firm DataQuick says the median price paid for a California home during the third quarter was $360,000. That’s up 4% from the previous three months and 26% from a year ago.
The increase in home values has helped cut down the number of people in California who owe more than their homes are worth. DataQuick analysts say that drives down the number of homeowners vulnerable to foreclosure.
In fact, “notices of default” or foreclosure starts during the third-quarter fell more than 20%from the previous quarter and nearly 60% from the same period last year.
Last quarter’s foreclosure starts were the second-lowest since the early part of 2006.