Fall in Beautiful Big Bear Lake
Nationally, home prices are rising and the economy is improving but the ills of the housing crash are far from cured. According to RealtyTrac, 7.4 million borrowers are still "seriously" underwater on their mortgages.
The real estate information company defines that as the loan amount being at least 25 percent higher than the property's estimated market value. Over 13 percent of all properties with a mortgage are in this predicament.
As for California, August tends to be a good sales month for California. Home buyers and sellers can make big changes as the kids are still out of school. Once fall and winter hit, home buying and selling tends to enter a seasonal slow pattern (Big Bear's slower seasonal pattern starts in Quarter 1 and Quarter 2). Yet the drop from July was rather strong. Home sales volume dropped by 13 percent. Take a look at August sales volume graph below to get a better picture.
As for the local Big Bear Market, sales are steady as inventory is stabilizing. There are currently 648 homes on the market and the number of homes that sold last month was 109 (approximately 16% of the market).
Rumor has it that Mammoth plans on opening November 10th. I guess they might know something we don't, but I guess any positive distractions from fires and the drought are helpful.