Real Estate News for July 2009

According to Data Quick News, Southern California median sales price increases for the first time since 2007.  Foreclosure resales accounted for more than 50% of all SoCal resales.  The sharp declines in median sales price over the past year were due to above-average number of sales occuring in the Inland Empire.  At the lower end of the price spectrum, first-time buyers continue to rely heavily on goverment-insured FHA financing.  38.4 percent of all Southland home purchases last month were FHA financed.  In the Inland Empire, more than half of all home purchases in May were financed with FHA loans.  The typical monthly mortgage payment that SoCal buyers committed themselves to paying was $1,052 last month, which is down from $1,782 a year ago.  Foreclosure activity remains near record levels, while financing with adjustable-rate mortgages is near the all-time low, as is financing with multiple mortgages.  Click here to read more from DQNews.com.

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