Since California has such a large, dynamic real estate market, I think it is prudent to keep one's eyes on its trends to get a sense of the pulse of the overall, national real estate market. With that written, here is some interesting data:
Sales for new and resale homes and condos sold in California in January 2008 were 19,145; stats as low as this probably go back earlier than 1988.
Home sales were down 41% from January 2007 figures.
Median home prices were down 17,1% from January 2007.
The concerning figure is that the number of foreclosures for January 2008 was 19,821, which is MORE than the solds of 19,145. This is ~$8 billion worth of foreclosed loans.
The good thing from this may be that buyers are committing to lower-priced mortgages, which, hopefully, ensure a stabler than previous mortgage base.
giving you the advantage...®
Taunya Fagan Bozeman Real Estate 406.579.9683 taunya.fagan@prumt.com
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