California home sales are up 27 percent

Willowood Townhomes in Salinas, California. Wi...Image via Wikipedia

In Southern California, home sales are up 27 percent. But the median sale price is down, having fallen below the $300,000 mark for the first time since 2003, the Los Angeles Times reports.

And as prices fall, affordability appears to be making a modest comeback.

During the height of the real estate boom, only 2 percent of those living in the Los Angeles area could afford the median home price. Now that number has risen to 20 percent, the article in the Times notes.....[more]

Reblog this post [with Zemanta]

Comments

Tosh said…
Sure sales might be up 27% but California should be the first to reflect this, based on foreclosures, and the effect of instant sales. What I mean is, with non recourse legislation in this state the banks would immediately go to sell the property, other states may take months and be behind Cal. in showing an increase in sales.
December 30, 2008 at 5:45 PM
Post a Comment

Popular posts from this blog

2009 NZ Grape Harvest starts.....

Image
Image via Wikipedia Grape harvest 2009 kicks off for Montana Press Release: Montana New Zealand’s 2009 grape harvest kicks off in all earnest this Thursday, when grapes for the country’s most popular sparkling wine, Lindauer, will be picked in Gisborne. Gisborne, being warmer than more southerly wine regions, is traditionally the first of New Zealand’s major wine regions to begin harvest. I was particularly interested to see them comment "Pinot Gris in particular had a good set" .....can't wait. .....[MORE via link] Link via Scoop
Read more

NZD$1,220,000,000 house No sale now = No fee now

Image
The Guardian report that even the utlra rich are re-evaluating their purchase / futures in these current times, and it appears that a world record deposit, 10% is typically required by French law (reported at 39m Euros) may not be returned to the buyer too. Sale of £440m (NZD$1.22B) house falls through from The Guardian, Thursday 19 February 2009 Russian billionaire withdraws from buying the £440m house, La Léopolda. It was to be the most expensive home in the world - a luxurious belle époque villa on the French Riviera carrying the eyewatering price tag of €500m (£440m). But the sale of La Léopolda has fallen through after its Russian billionaire buyer saw his fortune slump in the economic crisis......MORE via LINK...... Link via The Guardian Photo Credit - PMO - flickr
Read more