Foreclosure sales drive SoCal home prices way down, sales numbers way up: "Oct. 20 (Bloomberg) -- Southern California home sales rose 65 percent in September, the biggest year-over-year increase in at least two decades, as buyers took advantage of foreclosures to purchase properties at discounted prices, MDA DataQuick said...Sales increased the most in areas where rising foreclosures drove down prices, MDA DataQuick said. Half of all the homes sold in Southern California last month had been foreclosed upon in the previous 12 months, up from 13 percent a year earlier...The surge in foreclosure sales, which tend to be discounted, pushed the median price down 33 percent from a year earlier to $308,500."
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Is this good or bad?
1 comment:
Compared to 1991-93, it's good. Folks were upside down then and getting foreclosed in record numbers but as I recall both price and sales volume remain depressed for some time. In this case, the bottom of the market is recovering quickly.
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