California

Southern California Home Prices Rise 4% in December


Southern California home prices rose last month for the first year-over-year increase since 2007 as sales of foreclosed homes declined and more properties sold in pricier coastal markets.

The median price was $289,000 in December, up 4 percent from a year earlier and 1.4 percent from November, MDA DataQuick said. The rise from a year earlier was the first in Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties since August 2007, the San Diego-based research company said today in a statement.

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Home prices fall in 100 major metro areas in first half


Home prices fall in 100 major metro areas in the first half of 2008.

Median national home prices down 7.7% in Q1 to $196,300.

Biggest Losers:

  • Sacramento, CA down 29.2%
  • Riverside, CA down 27.7%
  • Lansing,MI down 26.9%

Biggest Gainers:

  • Binghamton, NY up 11.8%
  • Peoria, IL up 10.4%
  • Spartanburg, SC up 10.1%

See the full video from CNBC.

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Foreclosures up 75% in 2007


As stated by MSN Money,

“More than 1% of all households slipped into foreclosure in 2007, as more borrowers failed to keep up on their mortgages. Nevada led the nation with the highest foreclosure rate, while California had the highest total number of foreclosures.”

Read the full story from MSN.com

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And the Award for “Largest Decrease in Home Values” goes to…


Here are the 10 top cities for decreasing property values (as compared to a year ago):

  1. Sacramento, CA (-18.5%)
  2. Las Vegas, Nev. (-17.2%)
  3. San Diego, Calif. (-17.1%)
  4. Tampa, Fla. (-11.7%)
  5. Los Angeles, Calif. (-10.7%)
  6. Miami, Fla. (-10.6%)
  7. Phoenix, Ariz. (-9.5%)
  8. Jacksonville, Fla. (-8.7%)
  9. Detroit, Mich. (-7.7%)
  10. Atlanta, GA (-7.1%)

Click here for the full slideshow from Forbes…

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Recession Looming for California and Florida due to a Declining Real Estate Market


Though the “R” word has been on the tip of everyone’s tounge for the nation, today MSN posted an article stating that both California and Florida (two of our largest US economies) are pratically in a recession. The primary factory is contributed to the continuing declines in both the number of home sales and sale prices:

“Existing home sales fell 36 per cent in California and 30 per cent in Florida in the year to November 2007, against a national decline of 20 per cent. Median sale prices fell 12 per cent in California and 10 per cent in Florida, against only 3 per cent nationwide.

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