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Southern California Housing Market Continues Downslide
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You're Now Reading:
Southern California Housing Market Continues Downslide
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
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Receive Multiple Offers. Save Money.
You're Now Reading:
Southern California Housing Market Continues Downslide
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June 15, 2011 (Chris Moore)

If ever it is true that what goes up must come down, the Southern California housing market would be the prime example of that age old adage. The quick run up in housing prices during the boom years has led to a painful four year downslide for the southern half of the Golden State as year-over-year home sales and prices continued to drop in May according to industry specialists DataQuick.

Home sales in the Southern California region, which includes Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, continued to be at three year lows in May as a total of 18,394 new and re-sale homes were sold for the month. That was down 17.4 percent from 22,270 homes sold in May 2010 and 29 percent below May’s historical average of 25,902 sold homes.

A total of 1,152 new homes were sold across the six counties last month, the least amount of new homes sold since 1988.

The median price for those homes dropped too. The median price paid for all new and re-sale homes in Southern California in May was $280,000, an 8.2 percent drop from May of 2010. The median price for a home in the area at the current housing cycle’s peak in mid-2007 was $505,000.

Housing prices also continued to be highly influenced by the number of distressed properties as they accounted for more than half of the re-sales market in May. Approximately one in three re-sale homes were a foreclosure, with about one in five being a short sale.

And despite that sinking feeling, all of the news wasn’t bad, as month-over-month data seems to indicate that the housing market for the region is stabilizing and may finally be hitting the bottom.

New and resale home sales were up 0.3 percent compared to April and the median home price for May was the same as it was for April.

But May’s dismal figures led John Walsh, DataQuick’s president to say, “A year ago we were talking about sales reaching a four-year high as buyers rushed to take advantage of expiring federal homebuyer tax credits. Now sales are stuck at a three-year low. The government stimulus is long gone and some of the fundamental drivers of housing demand have yet to strengthen enough to lift sales to even average levels. Some of the key culprits are weak job growth, tight credit and a hesitancy among potential buyers and sellers, who question whether this is the best time to make their move.”

Investors continued to play a significant role in the market as absentee buyers who paid cash purchased 24.6 percent of the homes sold in the area in May. Total cash purchases accounted for 29.1 percent of the home sold in May. Absentee buyers paid a median price of $210,000 for the homes they purchased.

There’s a lot more information available on DataQuicks website.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Tags: DataQuick, new homes, re-sale homes, median price, home sales, investors, absentee buyers, tight credit, weak job growth, government stimulus

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June 15, 2011 (Chris Moore)

If ever it is true that what goes up must come down, the Southern California housing market would be the prime example of that age old adage. The quick run up in housing prices during the boom years has led to a painful four year downslide for the southern half of the Golden State as year-over-year home sales and prices continued to drop in May according to industry specialists DataQuick.

Home sales in the Southern California region, which includes Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, continued to be at three year lows in May as a total of 18,394 new and re-sale homes were sold for the month. That was down 17.4 percent from 22,270 homes sold in May 2010 and 29 percent below May’s historical average of 25,902 sold homes.

A total of 1,152 new homes were sold across the six counties last month, the least amount of new homes sold since 1988.

The median price for those homes dropped too. The median price paid for all new and re-sale homes in Southern California in May was $280,000, an 8.2 percent drop from May of 2010. The median price for a home in the area at the current housing cycle’s peak in mid-2007 was $505,000.

Housing prices also continued to be highly influenced by the number of distressed properties as they accounted for more than half of the re-sales market in May. Approximately one in three re-sale homes were a foreclosure, with about one in five being a short sale.

And despite that sinking feeling, all of the news wasn’t bad, as month-over-month data seems to indicate that the housing market for the region is stabilizing and may finally be hitting the bottom.

New and resale home sales were up 0.3 percent compared to April and the median home price for May was the same as it was for April.

But May’s dismal figures led John Walsh, DataQuick’s president to say, “A year ago we were talking about sales reaching a four-year high as buyers rushed to take advantage of expiring federal homebuyer tax credits. Now sales are stuck at a three-year low. The government stimulus is long gone and some of the fundamental drivers of housing demand have yet to strengthen enough to lift sales to even average levels. Some of the key culprits are weak job growth, tight credit and a hesitancy among potential buyers and sellers, who question whether this is the best time to make their move.”

Investors continued to play a significant role in the market as absentee buyers who paid cash purchased 24.6 percent of the homes sold in the area in May. Total cash purchases accounted for 29.1 percent of the home sold in May. Absentee buyers paid a median price of $210,000 for the homes they purchased.

There’s a lot more information available on DataQuicks website.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Tags: DataQuick, new homes, re-sale homes, median price, home sales, investors, absentee buyers, tight credit, weak job growth, government stimulus

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.

June 15, 2011 (Chris Moore)

If ever it is true that what goes up must come down, the Southern California housing market would be the prime example of that age old adage. The quick run up in housing prices during the boom years has led to a painful four year downslide for the southern half of the Golden State as year-over-year home sales and prices continued to drop in May according to industry specialists DataQuick.

Home sales in the Southern California region, which includes Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, continued to be at three year lows in May as a total of 18,394 new and re-sale homes were sold for the month. That was down 17.4 percent from 22,270 homes sold in May 2010 and 29 percent below May’s historical average of 25,902 sold homes.

A total of 1,152 new homes were sold across the six counties last month, the least amount of new homes sold since 1988.

The median price for those homes dropped too. The median price paid for all new and re-sale homes in Southern California in May was $280,000, an 8.2 percent drop from May of 2010. The median price for a home in the area at the current housing cycle’s peak in mid-2007 was $505,000.

Housing prices also continued to be highly influenced by the number of distressed properties as they accounted for more than half of the re-sales market in May. Approximately one in three re-sale homes were a foreclosure, with about one in five being a short sale.

And despite that sinking feeling, all of the news wasn’t bad, as month-over-month data seems to indicate that the housing market for the region is stabilizing and may finally be hitting the bottom.

New and resale home sales were up 0.3 percent compared to April and the median home price for May was the same as it was for April.

But May’s dismal figures led John Walsh, DataQuick’s president to say, “A year ago we were talking about sales reaching a four-year high as buyers rushed to take advantage of expiring federal homebuyer tax credits. Now sales are stuck at a three-year low. The government stimulus is long gone and some of the fundamental drivers of housing demand have yet to strengthen enough to lift sales to even average levels. Some of the key culprits are weak job growth, tight credit and a hesitancy among potential buyers and sellers, who question whether this is the best time to make their move.”

Investors continued to play a significant role in the market as absentee buyers who paid cash purchased 24.6 percent of the homes sold in the area in May. Total cash purchases accounted for 29.1 percent of the home sold in May. Absentee buyers paid a median price of $210,000 for the homes they purchased.

There’s a lot more information available on DataQuicks website.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Tags: DataQuick, new homes, re-sale homes, median price, home sales, investors, absentee buyers, tight credit, weak job growth, government stimulus

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.