Positive property signs seen in California

The San Diego area of California has seen some signs that the property market there may be picking up, it has been reported.

San Diego County has been experiencing more sales, an increase in competitive buying and rising confidence in the market among builders and first-time buyers, the Union-Tribune reports.

Among those expressing optimism was local investor Jeff Grad, who told the paper: "I think it's the beginning of the real estate market starting to rebuild. I can't see it heading much further south."

Further positive sentiment came from economist Christopher Thornberg, who labelled those who are buying now as "smart investors".

Potential buyers in California may have also been interested in the state because of its large supply of foreclosed properties.

There were 80,775 notices of this kind served on Californian properties during February, according to data from housing research body RealtyTrac.

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