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July Home Sales Not So Golden in California
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FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
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July Home Sales Not So Golden in California
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
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July Home Sales Not So Golden in California

August 17, 2011 (Shirley Allen)

After a dismal spring of declining home sales, things started looking up for California in June when home sales jumped up 9.7 percent, but it all ended in one giant thud in July as sales of new and existing homes plummeted 11.0 percent according real estate information provider DataQuick.

An estimated total of 34,695 new and resale houses and condos were sold in the Golden State in July. That was down from 38,975 sales in June and down 1.4 percent from July 2010. Historically, California averages 46,577 home sales in the month of July.

The median price for a home in July decreased 1.6 percent to $252,000 from June’s median price of $253,000, and is down 6.0 percent from a median price of $268,000 in July of 2010. The statewide current cycle peak price was $484,000 in early 2007.

Distressed properties continued to dominate the California market as 51.9 percent of all re-sales in July were distressed sales with homes that had been foreclosed on in the previous twelve months making up 34.6 percent of the existing home sales in July.

That was down from 35.1 percent posted in the previous month of June and down from 35.2 posted in July of 2010.

Short sales decreased to 17.3 percent of re-sales last month compared to 17.6 percent in June and down from 18.6 percent in July of 2010.

The typical mortgage payment for home buyers in July remained virtually unchanged for the third consecutive month at $1027, which was also $57 less than the $1,084 payment observed in July 2010. July’s typical mortgage payment is 62.7 percent lower than it was during the current cycle’s peak in July 2006.

“Indicators of market distress continue to move in different directions. Foreclosure activity has declined sharply from its peaks in recent years, but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying has eased a bit in recent months but remains relatively high,” DataQuick reported.

Tags: DataQuick, new and re-sale homes, condos, sales, median home prices, distressed properties, short sales, typical mortgage payment

Source:
DataQuick

INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
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August 17, 2011 (Shirley Allen)

After a dismal spring of declining home sales, things started looking up for California in June when home sales jumped up 9.7 percent, but it all ended in one giant thud in July as sales of new and existing homes plummeted 11.0 percent according real estate information provider DataQuick.

An estimated total of 34,695 new and resale houses and condos were sold in the Golden State in July. That was down from 38,975 sales in June and down 1.4 percent from July 2010. Historically, California averages 46,577 home sales in the month of July.

The median price for a home in July decreased 1.6 percent to $252,000 from June’s median price of $253,000, and is down 6.0 percent from a median price of $268,000 in July of 2010. The statewide current cycle peak price was $484,000 in early 2007.

Distressed properties continued to dominate the California market as 51.9 percent of all re-sales in July were distressed sales with homes that had been foreclosed on in the previous twelve months making up 34.6 percent of the existing home sales in July.

That was down from 35.1 percent posted in the previous month of June and down from 35.2 posted in July of 2010.

Short sales decreased to 17.3 percent of re-sales last month compared to 17.6 percent in June and down from 18.6 percent in July of 2010.

The typical mortgage payment for home buyers in July remained virtually unchanged for the third consecutive month at $1027, which was also $57 less than the $1,084 payment observed in July 2010. July’s typical mortgage payment is 62.7 percent lower than it was during the current cycle’s peak in July 2006.

“Indicators of market distress continue to move in different directions. Foreclosure activity has declined sharply from its peaks in recent years, but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying has eased a bit in recent months but remains relatively high,” DataQuick reported.

Tags: DataQuick, new and re-sale homes, condos, sales, median home prices, distressed properties, short sales, typical mortgage payment

Source:
DataQuick

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

August 17, 2011 (Shirley Allen)

After a dismal spring of declining home sales, things started looking up for California in June when home sales jumped up 9.7 percent, but it all ended in one giant thud in July as sales of new and existing homes plummeted 11.0 percent according real estate information provider DataQuick.

An estimated total of 34,695 new and resale houses and condos were sold in the Golden State in July. That was down from 38,975 sales in June and down 1.4 percent from July 2010. Historically, California averages 46,577 home sales in the month of July.

The median price for a home in July decreased 1.6 percent to $252,000 from June’s median price of $253,000, and is down 6.0 percent from a median price of $268,000 in July of 2010. The statewide current cycle peak price was $484,000 in early 2007.

Distressed properties continued to dominate the California market as 51.9 percent of all re-sales in July were distressed sales with homes that had been foreclosed on in the previous twelve months making up 34.6 percent of the existing home sales in July.

That was down from 35.1 percent posted in the previous month of June and down from 35.2 posted in July of 2010.

Short sales decreased to 17.3 percent of re-sales last month compared to 17.6 percent in June and down from 18.6 percent in July of 2010.

The typical mortgage payment for home buyers in July remained virtually unchanged for the third consecutive month at $1027, which was also $57 less than the $1,084 payment observed in July 2010. July’s typical mortgage payment is 62.7 percent lower than it was during the current cycle’s peak in July 2006.

“Indicators of market distress continue to move in different directions. Foreclosure activity has declined sharply from its peaks in recent years, but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying has eased a bit in recent months but remains relatively high,” DataQuick reported.

Tags: DataQuick, new and re-sale homes, condos, sales, median home prices, distressed properties, short sales, typical mortgage payment

Source:
DataQuick

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?
DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?
WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
CALCULATE YOUR MORTGAGE PAYMENT
BENEFITS OF REFINANCING YOUR MORTGAGE
ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

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