WANT A HOUSE IN SOUTHERN CALIFORNIA?
FROM THE LA TIMES…….
Most Southern California homes sold in October were foreclosures
Prices fall to 2003 levels, continuing to draw bargain-hunting buyers.
By Peter Y. Hong
11:09 AM PST, November 18, 2008
For the first time in the current housing downturn, the majority of Southern California homes sold in October — 51% — had been foreclosed, a real estate information service reported today.
The median sales price for homes fell to $300,000, a level not seen since 2003 and a 41% drop from the peak price set in the spring and summer of 2007, according to MDA DataQuick of San Diego. Los Angeles County’s median home sales price was $355,000, down 29% from a year ago. Sales in L.A. County were up 56% from a year ago.
Low prices continued to draw bargain-hunting buyers. The total of 21,532 houses and condominium units sold in Los Angeles, Orange, San Bernardino, Ventura, Riverside and San Diego counties was up 67% from the same month a year ago.
Buyers were apparently undeterred by the late September and October turmoil on Wall Street, said MDA DataQuick president John Walsh. “We have yet to see any big, sudden drop in the number of transactions closing escrow,” Walsh said.
Despite recording the highest October sales total in 20 months, last month was still the second slowest October since 1996.
Riverside County showed the largest year-to-year bump in sales, with a 94% increase from the previous October. Sales there came with a median price drop of 35% from October a year ago.
Prices declined least in Orange County, where the October median sales price was 29% below a year ago. Sales there were up 67% from October 2007.
Hong is a Times staff writer.
peter.hong@latimes.com