Sixty Percent of California Resales Previously Foreclosed On
Last month, an estimated 29,458 new and resale homes and condos sold in California, according to DataQuick.
That’s down 22.1 percent from the 37,836 sales in December, but up 53.9 percent from the 19,145 sales seen a year earlier.
However, of the existing homes sold, 60.4 percent had been foreclosed on in the prior 12 months, more than double the 29.6 percent share seen a year earlier.
That Read more
Million Dollar Home Sales Plummet in California
Million-dollar home sales in the Golden State slipped to their lowest level in five years, according to real estate information provider DataQuick.
A total of 24,436 homes sold for a million dollars or more in California last year, a 42.5 percent decline from the 42,506 sold in 2007.
It’s the lowest total since 2003 when 20,595 million-dollar homes were sold, and less than half the 50,010 sold in 2006 Read more
New Legislation Merely a Speed Bump for California Foreclosures
A bill aimed at slowing the growing foreclosure epidemic in California has done little but delay the problem, according to a new report from ForeclosureRadar.com.
Notices of Default, which slowed in November after Senate Bill 1137 was implemented, rocketed back up in December, with 42,421 such filings reported.
That’s nearly double the 21,557 seen a month earlier and 24.7 percent more than the numbers Read more
Many California Sellers Sold Properties at a Loss This Year
Annual home sales are expected to rise 12 percent in California this year and another 12.5 percent in 2009, but much of the increase can be attributed to distressed sales, according to the “State of the California Housing Market 2008-2009” report released this week by CAR.
Nearly one in five (19.8 percent) sellers sold their homes at a loss this year because the property was in default, foreclosure, or short Read more