California Teachers and Employees

It’s official folks, the bottom of the market is all around us.  First time home buyers and investors pour into the market as home prices continue to plummet.

Here is an article that appeared in the OC Register on November 18th, 2008:

“Bargain-basement sales helped pull down home prices in the SoCal region last month and boosted the number of transactions by a record 67%, DataQuick reported today.

The median price of a Southern California home fell to $300,000 in October — the lowest since April 2003 and down 41% below the peak price hit in the spring and summer of 2007.

The record gain in sales was attributable to very weak sales last year and high foreclosures this year. Since sales fell to record lows a year ago — remember the twin meltdowns in the mortgage market last year? — October’s gain was a percentage record. But at 21,532 transactions, the total still was 12% below average, DataQuick reported.

Record foreclosures also boosted sales while pulling down prices. DataQuick’s figures show that half of October’s sales were recently foreclosed homes. In Orange and Los Angeles counties, foreclosed homes accounted for four out of 10 sales. Lower-priced neighborhoods, where foreclosures predominate, made up the lion’s share of last month’s sales figures.

For example, a third of all SoCal sales last month occurred in the Inland Empire, where foreclosures accounted for two out of every three transactions. The median home price in those counties dropped below $230,000 last month, or almost half of the median sale price at the market peak.”

Once again, It is my contention that this is the bottom of the market for most areas in the State of California.  Credit continues to be available for first time home buyers and there is no better time than now to take advantage of this market.

If you would like more information about foreclosed homes in your area and low to no down payment loan options available to you, either give us a call at 1-866-667-6724 or complete this simple on-line form for more information