Recent report have shown that June home sale in southern California has dropped to it’s lowest in 14 years. This drop has affected Los Angeles most affordable areas.
20,166 new and old homes makes up the total amount of homes sold in June, marking a rise of 1.5 percent from last month and a devastating drop of 36.2 percent from 2006. This includes all home from Los Angeles, Orange, Ventura, San Bernardino and Ventura counties. This raises concerns that if this downward fall continues, the overall economy of California will ultimately suffer.
DataQuick, A real estate analysis agenecy states that median price paid in June($502,000) has dropped .6 percent from the previous month.
High demand caused by low mortgage rates and easily available financing, even by bad credit borrowers have soon been on the down across California’s most populated areas. In particular counties like Riverside and San Bernardino have seen increased number of sale homes due to incredible increased defaults by bad credit borrowers.
Interested home buyers have since been hesitant because of increased prices in homes due to the ever increasing number of homes for sale.
Even speed profit investor are growing ever so small in most southern California general markets.
Recent report have shown that June home sale in southern California has dropped to it’s lowest in 14 years. This drop has affected Los Angeles most affordable areas.
Southern California Real Estate, Real Estate drop, Los Angeles Real Estate
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