Some good news for the California Real Estate Market: Almost 40,000 homes were sold last month, an increase of nearly 30% over the previous month. The median price is up 3.0 from last year and the average mortgage payment was 2,230 last month.

According to DataQuick, foreclosure activity is still rising but still within the normal range. Financing with adjustable rate mortgages has fallen significantly, while absentee owner acquisition has only slowed slightly along with house flipping activity.

Overall I think the market truly is correcting and is strong. If you ask me whether it's a buyer's or seller's market really depends on the neighborhood. Its true that homes are taking longer to sell and some seller's have been inclined to provide incentives that add to the appeal of their home over the one next door but, nobody seems to be loosing out.

Its just as good a time to buy as it is to sell.

(c)2007, John Wall. All rights reserved.
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