According to DataQuick, San Diego County closed out 2012 with foreclosures at their lowest in six years. This is good news for San Diego Homeowners who need to remodel and are looking for financing.
Home values steadily increased through most of 2012 and the rate of increase picked toward the end of the year according to some reports.
For the most part, home improvement financing lines of credit are the only loans available. Expect that to change as the economy continue to recover and property values in San Diego County increase.
There is a pent up demand for home remodeling, maintenance and repairs since financing has been tight over the last 3 years. Reports indicate that home improvement is on the verge of an upward trend. San Diego homeowners that have been ready to improve their properties should have more loan programs to chose from soon.
The January 23, 2013 article in the National Mortgage Professional Magazine states "Residential remodeling will slowly and steadily improve in 2013, according to experts at a press conference hosted by the National Association of Home Builders (NAHB) Remodelers at the International Builders' Show (IBS) in Las Vegas. Remodelers speaking on the panel agreed with NAHB's latest economic forecast, citing increased demand from homeowners for kitchen and bath renovations and repairs. NAHB projects that remodeling spending"
It still is a buyers market when it comes to home remodeling and construction. With interest rates under 4 percent, homeowners should take advantage of the opportunity when new loan programs become available.
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