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Saratoga California Real Estate - Saratoga, CA real estate overview

market rate default median

Saratoga, California is a community, with around 30,000 residents, that is located west of San Jose, California. Saratoga is a very wealthy community as the median household income in the city is well over $150,000 per year. While Saratoga is quite wealthy, the Saratoga, California real estate market has had some struggles over the past few years. This is quite similar to many other communities in northern California that have struggled with falling home prices and high rates of foreclosure.

In late 2003 the median sales price for a home in the Saratoga, California real estate market was just over $1 million. From 2003 until 2007, the value of the homes in the Saratoga, California real estate market increased dramatically. By mid 2007, the median sales price for a home in that town was around $1.4 million. Like many other cities across the country, the housing bubble in the Saratoga, California real estate market burst in early 2007. Since then, the median sales price has fallen to back between $1.1 million and $1.2 million.

While the Saratoga, California real estate market has had its problems, it has not experienced the same dramatic rate of foreclosure as other areas of the state. In the Saratoga, California real estate market, 1 in every 431 households received a notice of default from their mortgage provider in March 2010. While this rate of foreclosure is high compared to the national average, it is well below the rate of default in other areas of the state. Various cities in California have reported a rate of default in excess of 1 in every 100 homes. The strong economics in Saratoga most likely have an impact on the lower rate of mortgage default.

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