15July2008
Posted by staceysloan under: Housing and Economy; Buying a Home; Housing Recovery; Selling a Home.
A total of 33,024 new and resale houses and condos were sold statewide in May. That was up 6% from April and down 10% from May of last year. Southern California sales volume from Ventura County to San Diego County was 16,917 as compared with 19,874 a year ago. Orange County’s total number was 2,266 which was a 15% downturn from May ’07. The median price went from $635,000 to $485,000. Yes there was another jump in California foreclosure activity. Souther California had a total of 65,309 Notices of Default issued the first quarter of 2008. Orange County had 7,082 which when compared with Los Angeles County at 20,339 and Inland Empire at 26,171, doesn’t seem so bad. Allo fo these numbers for Southern California, broken down by county are available to you. Simply call me and I will get them to you. (Source:Dataquick)
california foreclosure california sales first quarter median price orange county resale houses southern california
15May2008
Posted by staceysloan under: Housing and Economy; Buying a Home; Housing Recovery; Selling a Home.
Sales data for the first quarter has arrived and for March specifically, prices have hit the 2004 watermark. That means the median price is down almost 20% from a year ago. Both the Los Angeles Times and the Orange County Register reported the Dataquick findings. Obviously a huge contributor to price adjustments is the absorption of bank owned properties that are finally matriculating into the general real estate population. The other factor is that sellers that previously were “testing” the market have wisely taken their homes off the market and only serious sellers remain. That means that motivated sellers realize that their home must be priced to sell and that it will have competition from the bank owned sector. According to Dataquick, the bank owned property typically sells at least 15% below “normal” market prices. Although it could be argued that the housing downturn is artificially deflated because of the bank owned properties, this writer does not agree. That’s like saying if you hadn’t driven the car, you wouldn’t have gotten in the accident. Bank owned properties are germane to this market and will be here for some time. This is not an overnight correction as people are beginning to realize. Don’t misunderstand, there is light at the end of the tunnel. These distressed properties are beginning to move. Read on for the optimist’s view…
absorption bank owned properties distressed properties downturn first quarter light at the end of the tunnel los angeles times median price motivated sellers optimists orange county register price adjustments
13May2008
Posted by staceysloan under: Housing and Economy; Buying a Home; Housing Recovery; Selling a Home.
Sales data for the first quarter has arrived and for March specifically, prices have hit the 2004 watermark. That means the median price is down almost 20% from a year ago. Both the Los Angeles Times and the Orange County Register reported the Dataquick findings. Obviously a huge contributor to price adjustments is the absorption of bank owned properties that are finally matriculating into the general real estate population. The other factor is that sellers that previously were “testing” the market have wisely taken their homes off the market and only serious sellers remain. That means that motivated sellers realize that their home must be priced to sell and that it will have competition from the bank owned sector. According to Dataquick, the bank owned property typically sells at least 15% below “normal” market prices. Although it could be argued that the housing downturn is artificially deflated because of the bank owned properties, this writer does not agree. That’s like saying if you hadn’t driven the car, you wouldn’t have gotten in the accident. Bank owned properties are germane to this market and will be here for some time. This is not an overnight correction as people are beginning to realize. Don’t misunderstand, there is light at the end of the tunnel. These distressed properties are beginning to move. Read on for the optimist’s view…
absorption bank owned properties bank owned property contributor distressed properties first quarter light at the end of the tunnel los angeles times median price motivated sellers optimists orange county register population price adjustments stacey sloan
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