Short Sales and Foreclosures are Making Up More Than 50% of Sales!

An estimated 35,404 new and resale houses and condos were sold statewide last month. That was down 6.2 percent from 37,734 in August, and up 6.7 percent from 33,176 for September 2010. A decline from August to September is normal for the season. California sales for the month of September have varied from a low of 24,460 in 2007 to a high of 69,304 in 2003, while the average is 43,939. DataQuick's statistics go back to 1988.

The median price paid for a home last month was $249,000, the same as in August, and down 6.0 percent from $265,000 in September a year ago. The year-over-year decrease was the twelfth in a row after eleven months of increases. The bottom of the current cycle was $221,000 in April 2009, while the peak was at $484,000 in early 2007.

Distressed property sales – the combination of foreclosure resales and “short sales” – made up more than half of California’s resale market last month. With those kind of statistics, you owe it to yourself and your family to make the right choice as to whether or not a short sale is for you, and to seek out a short sale specialist.

Robyn Seymour CLHMS SRES ABR CRS GRI
Prudential California Realty
949-793-5088
Robyn@RobynSeymour.com
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