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In San Diego County, foreclosed home list prices and other home list prices increased again in June, with the median sales price surpassing the $300,000 level.

As the home sales price increased for the third straight month, some housing analysts are hoping that the market is approaching the road to recovery.

The median home price reached $314,250 in June, the highest price level since October last year. It marked a jump of 6.5 percent from the median sales price in May 2008, but it is still far below the median sales price in June 2008.

Housing market analysts in the San Diego area explained that the median price has jumped up because the pace of properties getting into foreclosed home list inventories has slowed down.

However, housing analysts contend that the slowdown is only temporary, as several foreclosure moratoriums were implemented in California. The latest foreclosure moratorium is the three-month notification regulation for defaulting mortgages.

Nevertheless, most large lenders in California have already earned the right not to implement the foreclosure moratorium regulation because they already have crafted loan modification schemes that passed the standards of state regulators.

State officials ruled that lenders can get exempted from the new three-month foreclosure moratorium if they have already developed and are already implementing state-approved loan modification schemes.

A lecturer at the San Diego State University explained that the gain in the median sales price and in the foreclosed home list price in June was an encouraging sign, but it is not a definite sign of approaching market recovery. He also mentioned that home purchases traditionally increase during summer because it is the time many parents move closer to their children?s schools.

In June, home sales reached 3,692 units, an increase of 14 percent compared to sales in May and an increase of 20 percent compared to sales in June last year.

Based on the same data, the median resale price in June, including median foreclosed home list price, was $350,000, an increase of 7.7 percent compared to May this year, but represented a drop of 13.6 percent compared to June last year.

The median sales price for pre-owned condo units was $210,000, marking a jump of 5.5 percent compared to May this year and represented a drop of 19 percent from the May 2008 price.

According to an economist at the National University System Institute for Policy Research, the jump in median house prices, especially foreclosed home list prices, is an indication that the market is nearing the start of its recovery. Many struggling Californians hope so.

The first seven months of this year saw a dramatic increase in the number of commercial foreclosures on REO property listings. In Denton County, commercial foreclosures jumped by 156 percent from January to July, compared with 66 for the same period the previous year.

REO property listings are swamped with foreclosed office buildings, retail centers, apartment buildings and industrial buildings. Industry experts noted that Denton County experienced tremendous foreclosure increase in four commercial property types, with some going from zero postings the previous year to a significant gain this year.

Experts noted that some commercial foreclosure postings involved small and nondescript properties that were not in prime locations. They pointed out that commercial distressed foreclosures in Denton County were not that remarkable compared to other Texas counties, including Tarrant and Dallas.

However, the pace of foreclosure in Denton is faster than the other counties, experts explained.

For the first seven months of this year, the number of commercial foreclosures on Collin County?s REO property listings rose by 76 percent. According to industry experts, both Denton County and Collin County experienced significant increases in residential and commercial real estate markets for the last 10 years. That growth, they added, made these two counties the biggest contributors in the state?s foreclosure problem.

Meanwhile, REO property listings of undeveloped land properties showed that lending institutions have become selective in their issuance of loans for new development projects. Because of this, many development projects were delayed or stopped because land owners could no longer afford to finance these projects.

Two decades ago, majority of commercial foreclosures were prime real properties. Today, industry experts noted that an increasing number of properties owned by small businesses were on REO property listings.

On the other hand, note-purchasing of commercial repo property foreclosures increased this year. Results of a market survey showed that an average buyer could purchase these commercial and residential foreclosures for about 60 centavos on the dollar.

Industry experts agree that in order to control foreclosure, there is a need to control first the rising unemployment rate, which they do not expect to happen anytime soon.

REO property listings from January to July 2009 showed 13 apartment buildings, 8 office buildings, 25 retail centers, 5 industrial buildings and 68 land properties.

More homes are expected to go to foreclosure auction listings in Wichita Falls this year, as the number of foreclosure filings in the first half this year has already exceeded last year’s first half total.

There are already 337 foreclosures filed in Wichita County in the first six months of the year, an increase from the 267 foreclosures filed in last year?s first six months. Since 2007, when the first half had 201 foreclosures, the six-month foreclosure total has been increasing.

On a month-over-month basis, the number of foreclosure filings in Wichita County increased in each of the first six months of 2009.

At current foreclosure rate, more homes are set to get included in foreclosure auction listings in Wichita Falls compared to last year, which had a total of 571 foreclosed units. In 2007, there were 432 foreclosed properties, some of which were sold in foreclosure auction events.

Housing analysts in Texas said Wichita Falls and some other cities in the state largely escaped the sting of foreclosure auction events in 2008 and in the first months of 2009. But more distressed foreclosure properties are expected in the coming months because of a significant number of company closures and laid-off workers in the past several months.

Gail Cunningham, public relations vice-president of the National Foundation for Credit Counseling, said the number of unemployment checks being given out to Texans has increased and that unemployed homeowners are having difficulties allotting their unemployment benefits to their monthly loan payments.

Cunningham also observed that some homeowners have chosen to make their credit card payments instead of their monthly home loan payments, rationalizing that they are going to see their houses getting to foreclosure auction lists anyway. These homeowners who have given up on their mortgages, according to Cunningham, were now more intent on maintaining their good credit card records to help them survive the recession.

Based on data from the NFCC, foreclosure-related problems have spread to all levels of income. Also, most families are spending around 45 percent of their monthly income in paying unsecured debt, which is more than twice the ideal unsecured debt level.

The Consumer Credit Counseling unit of Wichita Falls is offering help to homeowners worried about foreclosures in partnership with the Credit Counseling Service of Greater Dallas.

Hope Now counselor Jeanine Pickett said that determined homeowners can save their houses from foreclosure auction listings. However, she expressed sadness that some have sacrificed their homes rather than their lifestyle.

Foreclosure listing sales are increasing in affluent places in San Diego County such as Solana Beach, Rancho Santa Fe, Carmel Valley, La Jolla, Del Mar and Point Loma and other central San Diego gated neighborhoods, as shown in reports of San Diego County foreclosure listings in May.

Some Wall Street institutions have been criticized by many housing analysts and consumer advocates for their role in the subprime lending crisis that led to the national economic downturn and the growth of foreclosed home listings.

The increase in the number of homebuyers and investors looking for bargains in bank foreclosed home listings and purchasing foreclosed houses have pressured the median home sale price in Sioux Falls, South Dakota to drop by almost 30 percent.

For homeowners who lost their properties to foreclosure, buying them back is a dream they would always have. The dream has become a reality to some homeowners who were able to buy back their houses in foreclosure list.

In several areas of California, Arizona, Washington, D.C. and the Twin Cities metro area, a rising number of first-time homebuyers have been bidding against investors in buying bargain-priced homes included in foreclosure homes listings.

An increasing number of mortgage lenders have been choosing short sales over foreclosure listings because home prices have been falling rapidly anyway.

Homes in foreclosure listings are considered to be great buys because they are cheaper than new and existing houses. The growing supply of foreclosed properties has greatly contributed to the drastic decline in housing prices.