In the city of Fremont, CA, $1,115,500 is the house worth median. There has been a very large increase of home values in Fremont in the last year of 17.4%. And the prediction has been made that for the following year, house prices in Fremont will go up 12.3%.
This is a massive increase in the value of homes over a two year period. At this rate of increase, home values would double in less than 5 years. Of course, it’s very unlikely that this rate of increase would continue, but it does make the point of the steep increase in real estate prices of Fremont.
And a rising market like this in Fremont makes it very difficult for many prospective buyers to enter the real estate market. How do you save money to buy a property if real estate prices are rising upward at such a strong pace?
If you don’t have a savings, you would need to have a very high income and save as much money as you possibly can.
In Fremont, CA, $681 is the per square foot list cost median. The Metro Area of San Francisco-Oakland-Hayward has a higher per square foot list cost median of $488.
$1,050,000 is in Fremont, CA, the cost median of presently listed houses. For houses that have been sold, $1,123,200 is the cost median.
In Fremont, $3,350 is the rent cost median. The Metro Area of San Francisco-Oakland-Hayward has a slightly higher rent cost median of $3,400.
One thing that affects the value of real estate for any location is the foreclosure rate for that location. If the foreclosure rate is very high, home prices could come down dramatically.
Low foreclosure rates have a positive effect on the value of homes. The lower the foreclosure rate for a particular area, the higher the value of homes for that particular area.
For each 10,000 houses in the city of Fremont, 0.2 houses are foreclosed. This is a very low foreclosure rate. The Metro Area of San Francisco-Oakland-Hayward has a higher foreclosure rate of 0.5, and the United States has a foreclosure rate of 1.6.
There is a first step that occurs in the foreclosure process and it is called mortgage delinquency. What does it mean when a homeowner is delinquent on a home mortgage? It means that the owner missed making a mortgage payment on their home.
When a homeowner misses making a payment on a mortgage, bankers regard it as a serious matter. This is because bankers will think that the owner is short of money to pay their bills.
Bankers will also be quite concerned about the possibility of the homeowner missing making other mortgage payments in the future, and their house going into foreclosure.
Bankers intensely dislike foreclosures because they mean financial loss for a bank. Many banks have gone out of business when there are many foreclosures in their bank.
Credit bureaus penalize heavily for mortgage delinquencies. Credit scores can be severely affected. Credit scores could be lowered to the point that the homeowner may have to pay much higher interest rates on things they want financing for. Or worse, the customer may be declined for financing.
Credit bureaus also penalize when customers have been late on making mortgage payments. It is important for you to have enough savings before buying a home, so that if income goes down or unknown expenses occur, you are protected.
Fremont has a low mortgage delinquency rate. 0.3 percent of Fremont home owners are delinquent on their home mortgages. The mortgage delinquency rate of the United States is more than five times higher at 1.6 percent.
The recession in the year 2008 had a very negative effect on the real estate economy and the United States overall economy. A major very negative effect was that the value of homes in the United States fell a greater amount than 20%.
The 2008 recession had negative effects that are still affecting real estate values. One such negative effects is that quite a few houses in the United States are now underwater connected to that recession.
What does it mean to be underwater on a mortgage? It means that the owner of a house has a bigger mortgage debt than the value of the home.
This is a very negative place for a homeowner especially if they want to sell their home. In addition to the homeowner quite likely having to pay the bank if they sell their home, there are other expenses that could be involved in selling including the real estate sale fee, and house repairs.
3.2 percent of Fremont, CA homeowners are now experiencing being underwater regarding their mortgages. This is less than the underwater rate of the Metro Area of San Francisco-Oakland-Hayward, which is 3.6 percent.
Households in Fremont, California have an annual median income which is $111,613.
To locate more information about Fremont multifamily real-estate, go to http://www.biggerpockets.com/
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