Home sales in California surged 13.6 percent in August as a flood of foreclosures drove down prices.LET'S HOPE THAT PRICES GO UP FORM HERE - IN AN ORDERLY AND SUSTAINABLE FASHION. BUT... YA NEVA KNOW...
The figures released Thursday by MDA DataQuick showed 37,988 new and preowned homes were sold statewide last month, up 13.6 percent from August 2007 but down 3.8 percent from July.
The firm said 46.9 percent of all homes sold last month were foreclosed properties.
That helped send the statewide median home price plunging 35.3 percent to $301,000 during the year ended in August.
Most of the foreclosed homes were located in inland regions that have taken the worst hits during the housing crisis.
''It's the counties that have these large pockets of distressed properties where prices have plummeted,'' MDA DataQuick spokesman Andrew LePage said.
''If it weren't for the big price drops in the inland markets, we wouldn't see a year-over-year gain'' in sales, he said.
- THIS IS HOW MARKETS FUNCTION - AND WHY THEY'RE ALWAYS MORE EFFICIENT AT PRICING THAN GOVERNMENTS.
- EARLY LAST YEAR WAS A GREAT TIME TO SELL A HOME, AND NOW IS A GREAT TIME TO BUY A HOME! IT'S A BUYER'S MARKET, NOW!
- I THINK IT'S FITTING THAT TODAY'S 400 POINT BOUNCE COMES ON THE SAME DAY AS THIS NEWS.
- IF OIL CONTINUES ITS TREND OF LATE (THE LAST FOUR MONTHS), AND COMES DOWN TO $65-75/BARREL BY HALLOWEEN, THEN NEXT YEAR WILL BE A BOOM YEAR.
REMEMBER: THINGS ARE NEVER AS BAD AS THE MSM MAKES THEM SEEM WHEN A REPUBLICAN IS IN THE WHITE HOUSE.