| Oct. | Price | Vs. ‘07 | Sales | Vs. ‘07 |
|---|---|---|---|---|
| Los Angeles | $355,000 | -29.0% | 6,824 | 56.2% |
| Orange | $420,000 | -26.8% | 2,833 | 66.6% |
| Riverside | $230,000 | -35.4% | 4,619 | 94.3% |
| San Bernardino | $200,000 | -39.4% | 2,856 | 78.2% |
| San Diego | $323,500 | -29.7% | 3,598 | 54.6% |
| Ventura | $375,000 | -29.9% | 802 | 49.1% |
| SoCal | $300,000 | -32.6% | 21,532 | 66.7% |
Bargain-basement sales helped pull down home prices in the SoCal region last month and boosted the number of transactions by a record 67%, DataQuick reported today.
The median price of a Southern California home fell to $300,000 in October — the lowest since April 2003 and down 41% below the peak price hit in the spring and summer of 2007.
The record gain in sales was attributable to very weak sales last year and high foreclosures this year. Since sales fell to record lows a year ago — remember the twin meltdowns in the mortgage market last year? — October’s gain was a percentage record. But at 21,532 transactions, the total still was 12% below average, DataQuick reported.
Record foreclosures also boosted sales while pulling down prices. DataQuick’s figures show that half of October’s sales were recently foreclosed homes. In Orange and Los Angeles counties, foreclosed homes accounted for four out of 10 sales. Lower-priced neighborhoods, where foreclosures predominate, made up the lion’s share of last month’s sales figures.
For example, a third of all SoCal sales last month occurred in the Inland Empire, where foreclosures accounted for two out of every three transactions. The median home price in those counties dropped below $230,000 last month, or almost half of the median sale price at the market peak.
Read more …
- 1-in-4 Calif. homeowners lost their equity
- Calif. home prices off 28.7%, nation’s worst fall
- No end seen for Calif. homebuilding slump in 2009
- Realtors see 6% drop in Calif. home prices
- State regulator calls lender workouts ‘absurd’
- DQ release for California’s September Home Sales
- DQ on California foreclosures
- O.C. foreclosures plummeted in October
- SoCal enjoys home sales bump, too
Orange County = Alt-A Mortgage
Get ready Orange County, you got a day of reckoning coming!
From our pal, Mr. Mortgage:
Moody’s recently put out a very chilling report that brings home just how early it is in the overall mortgage and housing implosion.
Many of us have written volumes on the impending Alt-A Implosion. But, I still don’t think people understand that the Alt-A universe, larger is size than SubPrime, is presently imploding in front of our very eyes. Unlike Subprime loans that were more localized to specific regions of the bubble states or lower priced areas, Alt-A loans cut across all socio-economic boundaries and can be found littering some of the most affluent areas in the nation.
Did Mr. Mortgage say Alt-A, “can be found littering some of the most affluent areas in the nation”? OMG! Yes, Orange County, that’s YOU!!!!!!!!
For those of you who think that higher priced regions are ‘isolated’ from price declines just because they have not been beaten as badly as Subprime epicenters yet, this should be a wake up call.
A “wake up call” … how can this be? Here in The OC, we’re immune to declines! Everyone knows that … even Gary “in the bag” Watts.
The coming Alt-A and Jumbo Prime Implosions puts at risk well over $1 trillion in residential mortgage loans, much of it sitting on the balance sheets of some of the nations largest banks such as Wells Fargo, Chase, Bank of America and Citi. It will also take out of commission the higher income demographic for a long period of time.
Oh My!
We’re gonna see several more very large banks disappear. I was always skeptical when Bank of America, Chase and Wells Fargo started absorbing smaller banks. We’re about to test that theory, “Too Big To Fail”.
Got 0% mortgages?
I like your paper, but this title is misleading. Yes, sales increased “67%” but reading further, they are still down “12%” from yearly averages. So, that’s still a DECREASE in my book.
Hey, all of YOU REALTARDS. WHERE’S MY SOFT LANDING?????