California Home Sales Increase! | Spike In REO Sales | How To List REOs
Submitted by Tim Harris on October 20, 2008 – 12:27 pmNo Comment | Popularity: 1% [?]
Great news if you are a REO Listing Agent…Sales UP 65% with 50% being REOs!
Article from LA Times……
“Sinking home values continued to drive home sales in September as bargain hunters snared properties at 2003 prices.The median Southern California home sales price was $308,500 in September, the lowest since May 2003 and down 33% from the September 2007 peak of $462,000, according to real estate research firm MDA DataQuick.
The number of homes sold in Los Angeles, Orange, San Bernardino, Riverside, Ventura and San Diego counties shot up 65% compared with September 2007. Fifty percent of homes sold last month had been foreclosed.
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Real estate experts said despite the increase in September sales, the real estate market is likely to suffer along with the rest of the economy.
September’s figures reflect home purchase decisions that were made in mid- to late-summer, before the dramatic worsening of the nation’s economic crisis in recent weeks, said MDA DataQuick president John Walsh.
“Over the next few weeks our sales data will begin to show how the meltdown in financial markets this fall has impacted housing demand,” Walsh said in a statement.”
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