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« I've got some good news, and I've got some bad news... | Main | Poll of the Week » October 22, 2008Finding the good news in the bad...In my ongoing effort to find good news about the real estate market I turn today to Reuters via Forbes magazine and the Wall Street Journal... I know I've said it before, but for me it doesn't matter why a home sells as long as it sells... Yes, there's no getting around it, foreclosed properties are hot, but getting the excess inventory off the market is nothing but good... read for your self San Francisco-area home sales jump 45 pct in Sept SAN FRANCISCO (Reuters) - Home sales in the San Francisco Bay area rose 45 percent in September from weak levels a year earlier, as home prices sagged and buying surged in lower-priced communities, a report released Tuesday said. MDA DataQuick, real estate information service, said it was the best year-over-year gain in six years. Sales in September 2007 had hit the lowest level for any September since 1988, when MDA DataQuick began keeping records. A total of 7,271 new and resale houses and condominiums sold last month in the nine-county region, marking a 0.5 percent uptick from August. The median sales price fell 36 percent from a year earlier to a five-year low of $400,000, MDA DataQuick said. Nearly 42 percent of all existing homes sold in the region last month had been foreclosed on at some point in the prior 12 months, up from 36.1 percent in August and from 6.9 percent a year earlier. click here for the complete story...
LOS BANOS, Calif. -- In this California city, one of the hardest hit in the national housing crash, there's good news: Homes are starting to sell again. Investors and first-time home buyers are snapping up foreclosed houses here, with the number of local sales up almost fivefold from this time last year. While the volume of existing-home sales across the U.S. fell 10.7% in August from the previous year, according to the National Association of Realtors, there are signs that the most damaged of markets are starting to heal themselves. Across hard-hit California, sales volumes rose 65% in September compared with a year ago, said MDA DataQuick, a San Diego-based real-estate information service. click here for the complete story... Posted by Jeff Brooks on October 22, 2008 08:08 AM | Permalink TrackBackTrackBack URL for this entry: |