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Southern California Home Sales and Prices Tumble in October
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.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Southern California Home Sales and Prices Tumble in October
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.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Southern California Home Sales and Prices Tumble in October

November 16, 2011 (Chris Moore)

Monthly sales of new and existing homes in Southern California continued to decline in October while home prices tumbled back to last January’s levels according to real estate information provider DataQuick.

Sales in the Southern California region, which includes Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, totaled 16,829 new and re-sale homes in October. That was down 7.3 percent from the 18,149 homes sold in September and 29.3 percent below the October historical average of 23,819 sold homes. Sales were only 0.5 percent higher than October of last year when 16,744 homes were sold.

Sales typically fall 0.7 percent from September to October and have varied from a low of 12,913 in 2007 to a high of 37,672 in 2003.

New home sales were at their lowest level on record for an October, falling 18.4 percent below last years levels, while sales of existing single-family homes were 2.2 percent higher and existing condos were 1.3 percent higher than in October of last year.

In the first month following the reduction in the loan limits, the share of homes sold over $500,000 dropped to 17.4 percent of all homes sold, down from 20.4 in September and 20.8 percent a year earlier. It was the lowest portion of sales in the $500,000+ price range since May 2009.

“For a few months now, lower prices and amazingly low mortgage rates have kept resale activity slightly ahead of last year. Of course, that’s not saying a lot when you consider sales were 25 to 30 percent below average. The market continues to struggle with a difficult lending environment, uncertainty among potential buyers, underwater homeowners who can’t move up, and a weak job market. The lower conforming loan limits implemented last month help explain the relatively sharp drop in mid- to high-end sales during October. Now we’ll have to see if the private loan market can fill the void,” said John Walsh, DataQuick president.

The median sales price paid for all new and re-sale homes in the Southern California region in October was $270,000, the lowest median price reported since January of this year. The price was 3.6 percent lower than the $280,000 median price posted in September and 4.6 percent lower than in October of 2010 when the median price was $283,000.

The highest median sales price for homes in the region during the current housing cycle’s peak was $505,000 in mid-2007 while the lowest was $247,000 in April 2009.

The median sales price has declined year-over-year for the past eight months and has declined or remained unchanged since December 2010.

Distressed properties accounted for 52.5 percent of the re-sale market in October, up from 50.8 percent in September, with foreclosure re-sales accounting for 32.8 percent of the market while short sales made up an estimated 19.7 percent of re-sales.

Cash buyers accounted for 29.4 percent of the homes sold for the month, up from 28.5 percent in September, paying a median price of $204,000 for their purchases. Absentee buyers accounted for 25.1 percent of all sales, up from 24.3 percent in September, paying a median price of $200,000 for the homes they purchased.

Tags: DataQuick, Southern California, new homes, re-sale homes, median price, home sales, investors, absentee buyers

Source:
DataQuick

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.
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.
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 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.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
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 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

November 16, 2011 (Chris Moore)

Monthly sales of new and existing homes in Southern California continued to decline in October while home prices tumbled back to last January’s levels according to real estate information provider DataQuick.

Sales in the Southern California region, which includes Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, totaled 16,829 new and re-sale homes in October. That was down 7.3 percent from the 18,149 homes sold in September and 29.3 percent below the October historical average of 23,819 sold homes. Sales were only 0.5 percent higher than October of last year when 16,744 homes were sold.

Sales typically fall 0.7 percent from September to October and have varied from a low of 12,913 in 2007 to a high of 37,672 in 2003.

New home sales were at their lowest level on record for an October, falling 18.4 percent below last years levels, while sales of existing single-family homes were 2.2 percent higher and existing condos were 1.3 percent higher than in October of last year.

In the first month following the reduction in the loan limits, the share of homes sold over $500,000 dropped to 17.4 percent of all homes sold, down from 20.4 in September and 20.8 percent a year earlier. It was the lowest portion of sales in the $500,000+ price range since May 2009.

“For a few months now, lower prices and amazingly low mortgage rates have kept resale activity slightly ahead of last year. Of course, that’s not saying a lot when you consider sales were 25 to 30 percent below average. The market continues to struggle with a difficult lending environment, uncertainty among potential buyers, underwater homeowners who can’t move up, and a weak job market. The lower conforming loan limits implemented last month help explain the relatively sharp drop in mid- to high-end sales during October. Now we’ll have to see if the private loan market can fill the void,” said John Walsh, DataQuick president.

The median sales price paid for all new and re-sale homes in the Southern California region in October was $270,000, the lowest median price reported since January of this year. The price was 3.6 percent lower than the $280,000 median price posted in September and 4.6 percent lower than in October of 2010 when the median price was $283,000.

The highest median sales price for homes in the region during the current housing cycle’s peak was $505,000 in mid-2007 while the lowest was $247,000 in April 2009.

The median sales price has declined year-over-year for the past eight months and has declined or remained unchanged since December 2010.

Distressed properties accounted for 52.5 percent of the re-sale market in October, up from 50.8 percent in September, with foreclosure re-sales accounting for 32.8 percent of the market while short sales made up an estimated 19.7 percent of re-sales.

Cash buyers accounted for 29.4 percent of the homes sold for the month, up from 28.5 percent in September, paying a median price of $204,000 for their purchases. Absentee buyers accounted for 25.1 percent of all sales, up from 24.3 percent in September, paying a median price of $200,000 for the homes they purchased.

Tags: DataQuick, Southern California, new homes, re-sale homes, median price, home sales, investors, absentee buyers

Source:
DataQuick

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.
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.
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 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.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
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 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

November 16, 2011 (Chris Moore)

Monthly sales of new and existing homes in Southern California continued to decline in October while home prices tumbled back to last January’s levels according to real estate information provider DataQuick.

Sales in the Southern California region, which includes Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, totaled 16,829 new and re-sale homes in October. That was down 7.3 percent from the 18,149 homes sold in September and 29.3 percent below the October historical average of 23,819 sold homes. Sales were only 0.5 percent higher than October of last year when 16,744 homes were sold.

Sales typically fall 0.7 percent from September to October and have varied from a low of 12,913 in 2007 to a high of 37,672 in 2003.

New home sales were at their lowest level on record for an October, falling 18.4 percent below last years levels, while sales of existing single-family homes were 2.2 percent higher and existing condos were 1.3 percent higher than in October of last year.

In the first month following the reduction in the loan limits, the share of homes sold over $500,000 dropped to 17.4 percent of all homes sold, down from 20.4 in September and 20.8 percent a year earlier. It was the lowest portion of sales in the $500,000+ price range since May 2009.

“For a few months now, lower prices and amazingly low mortgage rates have kept resale activity slightly ahead of last year. Of course, that’s not saying a lot when you consider sales were 25 to 30 percent below average. The market continues to struggle with a difficult lending environment, uncertainty among potential buyers, underwater homeowners who can’t move up, and a weak job market. The lower conforming loan limits implemented last month help explain the relatively sharp drop in mid- to high-end sales during October. Now we’ll have to see if the private loan market can fill the void,” said John Walsh, DataQuick president.

The median sales price paid for all new and re-sale homes in the Southern California region in October was $270,000, the lowest median price reported since January of this year. The price was 3.6 percent lower than the $280,000 median price posted in September and 4.6 percent lower than in October of 2010 when the median price was $283,000.

The highest median sales price for homes in the region during the current housing cycle’s peak was $505,000 in mid-2007 while the lowest was $247,000 in April 2009.

The median sales price has declined year-over-year for the past eight months and has declined or remained unchanged since December 2010.

Distressed properties accounted for 52.5 percent of the re-sale market in October, up from 50.8 percent in September, with foreclosure re-sales accounting for 32.8 percent of the market while short sales made up an estimated 19.7 percent of re-sales.

Cash buyers accounted for 29.4 percent of the homes sold for the month, up from 28.5 percent in September, paying a median price of $204,000 for their purchases. Absentee buyers accounted for 25.1 percent of all sales, up from 24.3 percent in September, paying a median price of $200,000 for the homes they purchased.

Tags: DataQuick, Southern California, new homes, re-sale homes, median price, home sales, investors, absentee buyers

Source:
DataQuick

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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.
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.
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 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.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
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 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