Taunya Fagan Bozeman Real Estate Blog: SW Montana Homes: MLS Listings: California

California Foreclosures Outnumber Solds, January 2008

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

Bozeman Montana Real Estate    Big Sky Montana Real Estate

Belgrade Montana Real Estate     Livingston Montana Real Estate

Taunya Fagan Prudential Montana Real Estate Banner

2 commentsTaunya Fagan • February 23 2008 11:33AM
California Foreclosures Outnumber Solds, January 2008
share
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:… more