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San Joaquin Town Making Real Estate Comeback



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(Sacramento, CA)
Thursday, February 07, 2013

Not long ago, most people in the San Joaquin County town of Mountain House, near Tracy, owed more on their mortgages than their homes were worth.  Now there's been a big turnaround in home values. 

Mountain House home values plunged in 2007.

The community was the most underwater zipcode in the nation with more foreclosures than home sales.

Drew Jacobsen of Mountain House Real Estate Group says that has changed, home prices are up and the demand has outstripped inventory.

JACOBSEN: "Resale homes, if we do a search, there's only going to be 4 or 5 in a city of 3,300 homes, there is only 4 or 5 actually available at any given time."

Mountain House Public Works Director Nader Shareghi says new home construction is also making a major comeback with new building permits being issued.

SHAREGHI: "Just July until now we've had over 150, we are looking at probably 250-300 permits of houses being built."

That construction is in turn spurring the construction of new schools, a golf course, and commercial buildings.

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