Inquiring minds are looking at the new housing numbers just released for California and realize there is a LOT of pain in The Golden State:
Home sales in California plunged 17.5 percent last month to reach their lowest level for a September in three years, as historically low mortgage rates and bargain prices failed to draw new buyers during a shaky economy, a tracking firm said Thursday.
San Diego-based MDA DataQuick said 33,176 homes sold in the state last month, down from 40,216 in September 2009. Sales fell 3.1 percent from 34,239 in August.
Last month’s sales were the slowest for a September since 2007, when 24,460 homes sold, and were 25.1 percent lower than the month’s average since 1988 of 44,310.
The state’s median home price of $265,000 was up 5.6 percent last month from $251,000 in September 2009 and up 1.9 percent from $260,000 in August.
The news is ALL BAD. Even below, where the data is showing an increase in price is actually just due to foreclosures going up the price scale ladder:
In a nine-county region of Northern California, sales declined 19.6 percent to 6,334 in September from a year earlier. In the six-county region of Southern California, sales dropped 16 percent to 18,091 from September 2009.
The median home price in Northern California increased 8.2 percent to $395,000 last month from $365,000 in September 2009. In Southern California, the median price increased 7.5 percent to $295,000, up from $275,000 in the year-ago period.
Foreclosures accounted for nearly 35.8 percent of last month’s sales, virtually unchanged from 35.7 percent August but down from 41.7 percent a year ago.
The “Foreclosure Weather Report” shows increasing foreclosures through 2011:
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