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Southern California Home Sales Increase, but Prices Continue to Drop
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You're Now Reading:
Southern California Home Sales Increase, but Prices Continue to Drop
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Southern California Home Sales Increase, but Prices Continue to Drop
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September 14, 2011 (Chris Moore)

New and existing home sales in Southern California increased in August benefitting from a high number of business days on which home sales could be recorded but home prices weren’t so lucky as they continued to trend downward 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 19,654 new and re-sale homes in August. That was up 11.9 percent from the 18,090 homes sold in July, but 26.6 percent below the August historical average of 26,761 sold homes. Sales were 6.0 percent higher than August of last year when 18,541 homes were sold.

However, when comparing the average number of homes sold on a daily basis, a different view of how sales trended appears. August had 23 business days on which home sales could be recorded compared to 20 days in July. The average number of homes sold per day in August was actually six percent lower than in July and were less than one percent higher than in August 2010.

A total of 1,184 new homes were sold across the six counties last month, up from 1,022 sold the previous month, but a 14.3 percent drop from August of last year. It was the lowest amount of new home sales for the month of August since DataQuick started keeping records in 1988.

“Scratch beneath the surface and there’s not a lot to cheer about this month. Home sales were up from a year earlier but remained far below average. Many would-be buyers can’t find financing, and others who want to make a move now are stuck because they owe more than their homes are worth. Financial markets are increasingly choppy, the political outlook is incredibly murky and consumer confidence remains poor. Needless to say, it’s not an environment ripe for stabilizing the housing market,” said John Walsh, DataQuick president.

The median price paid for all new and re-sale homes in the Southern California region in August was $279,000, which was down 1.4 percent from $283,000 last month. The median price was also down 3.1 percent from $288,000 in August of 2010. The median price for a home in the area at the current housing cycle’s peak in mid-2007 was $505,000.

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

Distressed properties accounted for 52.5 percent of the re-sale market in August with foreclosure re-sales accounting for 34.6 percent of the market while short sales made up an estimated 17.9 percent of re-sales.

Cash buyers accounted for 28.5 percent of the homes sold for the month, down from 28.7 percent in July, paying a median price of $210,000 for their purchases. Absentee buyers accounted for 24.6 percent of all sales, up from 23.9 percent in July, paying a median price of $197,000 for the homes they purchased. Nearly 60 percent of the absentee buyers paid cash for their purchases.

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

Source:
DataQuick

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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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September 14, 2011 (Chris Moore)

New and existing home sales in Southern California increased in August benefitting from a high number of business days on which home sales could be recorded but home prices weren’t so lucky as they continued to trend downward 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 19,654 new and re-sale homes in August. That was up 11.9 percent from the 18,090 homes sold in July, but 26.6 percent below the August historical average of 26,761 sold homes. Sales were 6.0 percent higher than August of last year when 18,541 homes were sold.

However, when comparing the average number of homes sold on a daily basis, a different view of how sales trended appears. August had 23 business days on which home sales could be recorded compared to 20 days in July. The average number of homes sold per day in August was actually six percent lower than in July and were less than one percent higher than in August 2010.

A total of 1,184 new homes were sold across the six counties last month, up from 1,022 sold the previous month, but a 14.3 percent drop from August of last year. It was the lowest amount of new home sales for the month of August since DataQuick started keeping records in 1988.

“Scratch beneath the surface and there’s not a lot to cheer about this month. Home sales were up from a year earlier but remained far below average. Many would-be buyers can’t find financing, and others who want to make a move now are stuck because they owe more than their homes are worth. Financial markets are increasingly choppy, the political outlook is incredibly murky and consumer confidence remains poor. Needless to say, it’s not an environment ripe for stabilizing the housing market,” said John Walsh, DataQuick president.

The median price paid for all new and re-sale homes in the Southern California region in August was $279,000, which was down 1.4 percent from $283,000 last month. The median price was also down 3.1 percent from $288,000 in August of 2010. The median price for a home in the area at the current housing cycle’s peak in mid-2007 was $505,000.

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

Distressed properties accounted for 52.5 percent of the re-sale market in August with foreclosure re-sales accounting for 34.6 percent of the market while short sales made up an estimated 17.9 percent of re-sales.

Cash buyers accounted for 28.5 percent of the homes sold for the month, down from 28.7 percent in July, paying a median price of $210,000 for their purchases. Absentee buyers accounted for 24.6 percent of all sales, up from 23.9 percent in July, paying a median price of $197,000 for the homes they purchased. Nearly 60 percent of the absentee buyers paid cash for their purchases.

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

Source:
DataQuick

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.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

September 14, 2011 (Chris Moore)

New and existing home sales in Southern California increased in August benefitting from a high number of business days on which home sales could be recorded but home prices weren’t so lucky as they continued to trend downward 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 19,654 new and re-sale homes in August. That was up 11.9 percent from the 18,090 homes sold in July, but 26.6 percent below the August historical average of 26,761 sold homes. Sales were 6.0 percent higher than August of last year when 18,541 homes were sold.

However, when comparing the average number of homes sold on a daily basis, a different view of how sales trended appears. August had 23 business days on which home sales could be recorded compared to 20 days in July. The average number of homes sold per day in August was actually six percent lower than in July and were less than one percent higher than in August 2010.

A total of 1,184 new homes were sold across the six counties last month, up from 1,022 sold the previous month, but a 14.3 percent drop from August of last year. It was the lowest amount of new home sales for the month of August since DataQuick started keeping records in 1988.

“Scratch beneath the surface and there’s not a lot to cheer about this month. Home sales were up from a year earlier but remained far below average. Many would-be buyers can’t find financing, and others who want to make a move now are stuck because they owe more than their homes are worth. Financial markets are increasingly choppy, the political outlook is incredibly murky and consumer confidence remains poor. Needless to say, it’s not an environment ripe for stabilizing the housing market,” said John Walsh, DataQuick president.

The median price paid for all new and re-sale homes in the Southern California region in August was $279,000, which was down 1.4 percent from $283,000 last month. The median price was also down 3.1 percent from $288,000 in August of 2010. The median price for a home in the area at the current housing cycle’s peak in mid-2007 was $505,000.

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

Distressed properties accounted for 52.5 percent of the re-sale market in August with foreclosure re-sales accounting for 34.6 percent of the market while short sales made up an estimated 17.9 percent of re-sales.

Cash buyers accounted for 28.5 percent of the homes sold for the month, down from 28.7 percent in July, paying a median price of $210,000 for their purchases. Absentee buyers accounted for 24.6 percent of all sales, up from 23.9 percent in July, paying a median price of $197,000 for the homes they purchased. Nearly 60 percent of the absentee buyers paid cash for their purchases.

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

Source:
DataQuick

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
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 MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.