There are plenty of signs that the Big Bear real estate market recovery we are seeing is "the real deal". The fact that home sales are up while the number of homes for sale in Big Bear are down is the underlying fundamental driving the recovery. But there are many other signs that suggest a favorable outlook for Big Bear real estate, such as low mortgage rates and the welcomed decline in number of distressed properties.

Speaking of the latter, take a look at this graph showing the downward trend in Notices of Default.

Big Bear Foreclosures

Being that a Notice of Default (NOD) is the first official notification to a home owner that a lender files to begin the foreclosure process, it is a great sign that we have seen these notices decrease by over 55% so far this year. It usually takes about 6 months for a home to be taken back by the bank after the filing of a Notice of Default. This suggests we will see a further decline in the number of foreclosure listings moving forward in 2013 and at least throughout early 2014.

In July, sales of foreclosures in Big Bear  made up a mere 2.5% of all Big Bear home sales. Currently, foreclosures only represent about 2% of all homes for sale in Big Bear.

Whereas foreclosures were once a driving force in the Big Bear real estate market, it seems like this trend has run its course and that they are on their way to distinction.

Hallelujah!