Thursday, September 18, 2008
Home sales in California surged 13.6% as median home prices plunged 35% in the year ending August, according to DataQuick. Almost half the sales were foreclosure sales. Buyers are coming out of the woodwork. Prices are getting back to reasonable levels. My nephew is a mortgage broker in the Inland Empire and says he's never had it so good. The market is clearing and homes are becoming more affordable. That's great news (for everyone except those that paid too much for their homes and/or refinanced near the peak). It will be a long time before we see another real estate bubble in California.
Posted by Scott Grannis at 5:29 PM