So. California Home Sales Increase for 21st Month
DQ News -- "A total of 20,476 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 33.3 percent from 15,359 in February, and up 5.0 percent from 19,506 in March 2009. The median price paid for a Southland home was $285,000 last month, up 3.6 percent from $275,000 in February, and up 14.0 percent from $250,000 for March 2009. Last month was the 21st in a row with a year-over-year sales increase."MP: For Southern California, there are now increases in both: a) unit home sales for 21 consecutive months, and b) median home prices, from the previous month, and from the same month in the previous year. Both are positive indicators of a real estate market in recovery.
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From CNBC: Mortgage Defaults May Be Driving Consumer Spending
From Housing Wire: So, Where Will Housing Double Dip?
U.S. properties subject to foreclosure action in the first quarter rose 16% from the year-earlier quarter and 7% from fourth-quarter 2009, consultant RealtyTrac reported Thursday.
Real estate owned by lenders is at the highest level RealtyTrac has seen since it began reporting the data, Chief Executive James J. Saccacio said in a statement.
Foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on more than 932,000 properties in the quarter. That means one in every 138 U.S. housing units received such a filing, the Irvine Calif., firm said.
In March, 367,000 properties were subject to foreclosure filings, up 8% from March 2009 and up 19% from February 2010.
On the flip side, I have anecdotal evidence the foreclosure auctions are getting more crowded, people are bidding up properties on the auction block.
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