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The timing of this article is interesting since a guy I work with, just today, was talking about how a friend of his in Cali bought a $700k home for somewhere inside the $200's.
California home sales surge as prices plummet
Sep 18 07:19 PM US/Eastern
By JACOB ADELMAN
Associated Press Writer 54 Comments
San Francisco Area Home Prices Plunge 31%
LOS ANGELES (AP) - Home sales in California surged 13.6 percent in August as a flood of foreclosures drove down prices.
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.
Sen. Barbara Boxer, D-Calif., said the state had received just 11 percent of the more than $130 million available for mediation between lenders and troubled homeowners, even though the state accounted for more than a quarter of the nation's foreclosure filings in the first seven months of the year.
The funds were authorized as part of the housing bill passed in July that cleared the way for the government to borrow $300 billion to back cheaper mortgages for troubled homeowners.
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The only thing odd about this is that the State received 11% of 130 million.. that is about 14 million to fix this mess.. in these days that is a mere grain of salt..
__________________ "Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.
The timing of this article is interesting since a guy I work with, just today, was talking about how a friend of his in Cali bought a $700k home for somewhere inside the $200's.
California home sales surge as prices plummet
Sep 18 07:19 PM US/Eastern
By JACOB ADELMAN
Associated Press Writer 54 Comments
San Francisco Area Home Prices Plunge 31%
LOS ANGELES (AP) - Home sales in California surged 13.6 percent in August as a flood of foreclosures drove down prices.
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.
The only thing odd about this is that the State received 11% of 130 million.. that is about 14 million to fix this mess.. in these days that is a mere grain of salt..
The $14 million isn't the reason sales have picked up so much. Like you said, that's just a grain of sand. It's about 99% due to the fact their prices have declined over 30%. Which backs up my theory that housing has to bottom out before sales will pick up.
The only thing odd about this is that the State received 11% of 130 million.. that is about 14 million to fix this mess.. in these days that is a mere grain of salt..
I believe the $130 million is set aside to cover the costs of mediation.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Strange how the inventory in MA just keeps sitting there. I wish it would drive our prices down so the homes would start selling.
Let's just hope more funds aren't appropriated to bail out mortgage holders. i think we're pretty tapped out on the bailout front, don't you?
According to the article, $300 billion, with a B, was already set aside to do just that.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
The $14 million isn't the reason sales have picked up so much. Like you said, that's just a grain of sand. It's about 99% due to the fact their prices have declined over 30%. Which backs up my theory that housing has to bottom out before sales will pick up.
I think that's just about everybody's theory PR.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Anyone who supports funding to bailout mortgage holders does not believe the market has to bottom out. Such funds will serve to stop the decline before they bottom out...so, no, many do not agree with my position.
Anyone who supports funding to bailout mortgage holders does not believe the market has to bottom out. Such funds will serve to stop the decline before they bottom out...so, no, many do not agree with my position.
Do you?
Of course not. I'm a free market, or as free a market can be, guy. I don't like the current bailouts, but I understand why they're taking place. I wouldn't give a home owner a single cent. A home owner who can't afford to pay, will never be able to if they borrowed $500k on a $40k a year salary. AIG will be able to repay their loan, since their foundation is solid.
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To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
California home sales surge as prices plummet
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