Southern California Home Prices Decline 35% but Home Sales Jump 51%

DataQuick reported the dropping prices were driven by sales of foreclosed properties, which comprised 56% of all homes sold in the region. Consequently, the lowest median sales prices were reported in San Bernardino County ($180,000) and Riverside County ($209,000), where foreclosures have been rampant.  The Low home sale prices fueled the increase for Southern California homes sold in December to rise almost 51% from the previous year.

California Short Sales continue to close at a rapid pace, while many home foreclosures have been slowed by the recent trend of loan modification plans.  Jason Cardiff Tips posted an article indicating that lenders have been accepting proposals for mortgage relief from loan modification companies and distressed homeowners.  In a recent Reuters article, Lisa Baertlein evaluates the significance of recent reports that December home sales in Southern California jumped 50.5 % from the year earlier. The DataQuick report also indicated that the median price fell 34.6 % to $278,000 as homebuyers snapped up foreclosed properties.  Read the original article > Southern California Home Sales up 50% but Most Are Foreclosures