San Diego median home prices took a huge drop of 22.8% in May according to a report released today by DataQuick of La Jolla CA. Also, home sales in San Diego were off by 12% vs. May 2007. Keep in mind, last year was also a very slow real estate year.
Southern California home sales were higher in May compared with April – a normal, seasonal lift – but it was still the slowest May in more than 20 years.
Some 37.4 percent of the resale homes sold in Southern California region last month were in foreclosure at some point over the past 12 months, DataQuick said.
A year ago, only 5.5 percent of resale homes were foreclosed properties. San Diego California real estate home sales
Those discussing the large drop in home prices that need to happen are failing to mention that the nominal price will not fall that far because Bernake is inflating the market; real prices will fall 30%+, however.
San Diego Homes
Measuring the percentage of total mortgages in foreclosure does not tell the whole story. Late payments on credit cards, revolving charge accounts and automobile loans are worrying the Fed also. And the number of mortgages in foreclosure today also does not speak to the number that are expected to follow.
Skin Treatment
So, who is to blame for all this subprime lending? The Realtors proclaim their innocence from the highest mountains in all the lands, with seven flags from seven hills with bugles blowing and blazing through the night, with a PR campaign to boot and one, which is out of sight.
Dentist
Nice. I’ve been looking for some information along these lines for a few hours now.