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alifornia's real estate market in 2024 presented a complex landscape of affordability challenges, foreclosure activity, and shifting sales trends. According to ATTOM's latest reports, the Q4 2024 Home Affordability Index revealed significant pressures on homebuyers, with many counties experiencing affordability below historic benchmarks due to rising prices and stagnant wages. Meanwhile, ATTOM's Year-End Foreclosure Report showed a modest increase in foreclosure activity, far removed from the peaks of the housing crisis years.

    The Q4 2024 Home Affordability Index report highlighted the struggles of homebuyers across California, with many counties' affordability indexes below 100, indicating homes are less affordable than long-term averages. Counties like Alameda, Los Angeles, and Santa Clara showed particularly low affordability scores, driven by rising prices and slower wage growth. However, areas like Kings, Kern, and Madera had more favorable affordability index scores due to lower median home prices.

    ATTOM's Year-End 2024 foreclosure report revealed a slight increase in foreclosure activity, with 33,387 properties experiencing foreclosure filings, representing 0.23% of housing units. This reflects stability year-over-year but remains significantly lower than historical highs during the housing crisis years. Foreclosure rates have declined over the past decade, reflecting stronger market fundamentals and tighter lending standards.

    California's Year-End 2024 home sales report highlighted notable trends in the real estate market. FHA financing remained stable, with a slight decline from 9.7% to 9.3%. Cash sales rose significantly, from 27.1% to 33.4%, while institutional investor sales share remained steady at 5.8%. REO sales share fluctuated modestly.

    ATTOM's data underscores the ongoing challenges and opportunities within California's dynamic housing market. While affordability continues to decline in many areas, foreclosure rates remain low, reflecting improved market stability. The rise in cash sales and steady institutional investor activity reveal a competitive landscape where buyers and investors adapt to market conditions.