Wednesday, March 17, 2010

Southern California Home Sales Increase for 20th Month, Median Prices Increase for Third Month

From DQNews:

"Southern California home sales in February were above year-ago levels for the 20th month in a row as buyers continued to snap up bargain properties with government-backed mortgages and tax incentives. The median price paid for a home rose on a year-over-year basis for the third consecutive month.

A total of 15,359 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was virtually unchanged from 15,361 in January, and up 0.8% from 15,231 in February 2009.

“It’s possible the stars won’t line up this way again for many years. With prices and mortgage interest rates this low, the cost of ownership is about as low as we’ve seen it in decades,” said John Walsh, MDA DataQuick president.

The median price paid for a Southland home was $275,000 last month, up 1.3% from $271,500 in January, and up 10% from $250,000 for February 2009. Foreclosure resales accounted for 42.3% of the resale market last month, up from 42.1% in January, and down from 56.7% a year ago, which was the all-time high."


At 3/17/2010 11:51 AM, Anonymous Benny The Man said...

Die, recession, die, die, die.

BTW, the producer price index down last month, and 2009 was a year of deflation.

I would say the Fed can just about drop c-notes out of airplanes, and not worry about inflation.

At 3/18/2010 11:31 AM, Blogger juandos said...

I wonder if something similer might start happening on the east coast...

Consider the following from Bloomberg: Factories in Philadelphia Region Grow at Faster Pace

This assumes of course that Obama Care won't hurt the economy...


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