Boulder Creek real estate market

The Boulder Creek real estate market, in the midst of the hard-hit Santa Cruz County real estate market, started to show some tentative signs of improvement as the nationwide economy seems to be recovering. According to a May 22, 2010 article in the Santa Cruz Sentinel, “The county added 2,000 jobs in April, cutting unemployment from 15.2 percent to 13.5 percent, the state Employment Development Department said Friday, but job growth was less than usual for this time of year. The local jobless rate is higher than California’s, which is 12.3 percent, and the nation’s, 9.5 percent.” The piece by Jondi Gumz went on to say that “The overall number of jobs in the county has been growing steadily, albeit slowly, since January, when the count was 90,000. ‘Couple that with other data, the economic news is hopeful,’ said Bill Tysseling of the Santa Cruz Chamber of Commerce. ‘Ag, health and consumer essentials have been less affected by the recession and are improving gradually. Non-essential retail and tourism will require increased consumer confidence and/or increased employment.’”

The average price of a Boulder Creek home for sale increased along with the rest of Santa Cruz County in the month of April. According to a May 24, 2010 article from the Mercury News, “Santa Cruz County saw fewer single-family homes sold in April compared to a year ago, but the median price rebounded from $420,000 to $553,000, the highest in 20 months, as distress sales dipped.” The piece, also written by Jondi Gumz, continued to say that “There were 121 sales in April, with 43 percent selling for under $500,000, compared to a year ago, when 132 homes sold with 57 percent under $500,000, according to Gary Gangnes of Real Options Realty, who tracks the numbers.”

However, the foreclosure rate in the Boulder Creek real estate market and in the rest of the state has been enough to encourage lawmakers to adopt special corrective measures. According to a June 3, 2010 article from the Associated Press, “California homeowners seeking loan modifications would be better protected against foreclosures under a bill that passed the state Senate on Thursday.”