Taunya Fagan Bozeman Real Estate Blog: SW Montana Information & Listings: California Foreclosures Outnumber Solds, January 2008

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.


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Comment balloon 2 commentsTaunya Fagan • February 23 2008 11:33AM


Ouch!!  We too are having the same.  I find that about 3/4 ths of the homes listed for sale here are either short sales or foreclosures.  Makes it hard for the everyday JOe to sell their home.  Prices are 20% below what they were a year ago here in St Lucie County, Fl.
Posted by Jackie Cross (Real Living All Florida Realty) over 10 years ago
Wow - that makes you really appreciate the Montana market!
Posted by Monica Bourgeau, Business Coaching (New Phase Business Coaching) over 10 years ago

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