Homes are getting cheaper and sales are going up. The number of Southern California homes sold last month edged up to its highest level in more than a year as bargain hunters swept up foreclosure properties in affordable neighborhoods.
In Orange County, 2,391 homes sold in July of 2007. Just a year later, 2,799 homes were sold, that's a 17.1 percent change from the previous year. The median home price in July 2007 in Orange County was $640,000. In just a year that decreased 28 percent, hitting a low of $461,000.
Market distress indicators continue to move in different directions. Financing with adjustable-rate mortgages is near the all-time low as is financing with multiple mortgages and foreclosure activity is at an all time high. Down payment sizes and flipping rates are stable, non-owner occupied buying activity appears flat but may be emerging, MDA Dataquick reported.
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