Foreclosures In Humboldt County Still Low

The US is going through one of its most challenging phases. Unemployment is at its peak. As people lose jobs they are faltering on mortgage payments. Hence, foreclosures are at an all-time high. However, Humboldt County in California seems to be the only exception where home prices have not crashed to abysmal levels.

Prices here are unbelievably good as compared to other California counties. The number of foreclosures here are also low. In fact if July figures are anything to go by, then it ranks the third lowest as far as foreclosures are concerned. The county seems to be unaffected by the real estate boom that started in 2002 and tapered off in 2006. At that time, home prices crashed everywhere in California. In some counties, house prices came down by 40 to 50 per cent. However, in Humboldt, home prices were just down 21 per cent.
In Sacramento, houses have sold for $60,000, an amount which could be equivalent to the home selling for $250,000 in Humboldt. Experts say that is really unbelievable, particularly when the number of sales is considered. Sales have actually climbed down from 1,529 in 2006 to 800 this year. That is a neat drop of 50 per cent. Although sales have plunged, yet home prices have remained more or less stable. The present median price is $290,212. Five years ago, the figure was $276,047.

That means there has actually been a rise of 5 per cent in prices in the last five years. House prices elsewhere had just crashed. When the housing boom was at its zenith, the price was just over $350,000. When compared to the figures today the drop has been substantial but not as low as the figures elsewhere.
There are quite a few reasons for this. First, there was no sudden spurt in construction activities here as in other counties. Humboldt does not have the necessary infrastructure to support the housing boom. There is an absence of proper sewerage system and water supply is also scanty here.

Second, employment opportunities are few here. Hence, the population growth has also been slow. However, this does not mean that Humboldt is deprived of a nice life. The people here are friendly. There are health facilities here. Green parks dot the county.

The people who live here are from a diverse group. Yet they are perseverant. They have decided not to run when things get a bit tough.