IRVINE, CA—The residential real estate market both informs and reflects activity in the commercial real estate realm. RealtyTrac keeps close watch on foreclosures, sales and other related issues in the residential real estate industry. We spoke exclusively with Daren Blomquist, VP of RealtyTrac, about the biggest changes he saw in the residential market during 2014 and what he believes lies ahead in the new year.
GlobeSt.com: What do you consider to be the most significant changes the residential real estate market experienced during 2014, either in terms of foreclosures, sales or anything else?
Blomquist: The transition from a rebounding market to a reality-based market, which happened in the second half of the year, as evidenced by two trends:
- Annual home-price appreciation has slowed to single digits in most markets. Our data shows year-over-year home-price appreciation was an average of 6% in November among all metro areas with a population of 500,000 or more (102 total). That is down from an average 10% in November 2013.
- Cash sales in the third quarter dropped back close to historic norm of 33% and the lowest level since the fourth quarter of 2010.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
