Real Estate News for Thursday, February 16th, 2006

Foreclosures: Bargain hunters beware! You might think that a slowing real estate market would make foreclosure investing a snap. Don't bet on it. Foreclosure investing has always been fraught with risks -- decrepit money pits, troubled tenants who refuse to clear out. But rather than creating more buys, the torrid market of the past five years has added a whole new level of risk by leaving fewer genuine deals available for thousands of eager new investors. Click here to read more.

Southland's Home Sales Cool Further. The median price for the six-county region drops to $469,000, the lowest level since last July. Six months of gains in Southern California's median home price were wiped out in January while sales activity dropped sharply, further signs that the region's once-hot real estate market continues to lose steam. The statistics, released Wednesday by DataQuick Information Systems, a La Jolla-based real estate research firm, suggest that the market is making a "soft landing" of flattening prices and fewer sales after sizzling gains during the six-year boom, analysts said. Many homeowners, who were quick to put their homes up for sale a few months ago in hopes of scoring swift and easy profits, are seeing more price resistance now. Buyers are taking more time to shop around, and are making more-modest offers. Click here to read more.

Home prices down as condos boom. January home sales fell to their lowest number in nine years and the median price dropped below $600,000 as buyers either balked at paying high prices or switched to smaller, cheaper condos. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com