July home sales continue rising as prices keep falling

     Home buyers and investors are scooping up deals as real-estate prices continue their quick journey downward.
 

     That’s what a report released today by La Jolla-based real-estate data company DataQuick Information Systems says.

     The median price for a home fell about 35 percent in the two-county region from July 2007 to July 2008.  In San Bernardino County, it now stands at $230,000, or $260,000 in Riverside County.

     More than 20,000 new and resale single-family homes and condominiums sold across San Bernardino, Riverside, Los Angeles, Orange, San Diego, and Ventura counties in July – almost a 17-percent jump from the previous month and 14-percent increase from one year ago.

     About 43 percent of those resales were foreclosures – up from 8 percent in July 2007.

     “Before the credit crunch hit in August 2007, nearly 40 percent of Southland sales were financed with jumbo loans,” the report states. “Jumbos last month accounted for 15.8 percent of Southland sales.”

     The report went on to explain: “The typical monthly mortgage payment that Southland buyers committed themselves to paying was $1,632 last month, down from a $1,671 the previous month, and down from $2,447 a year ago. Adjusted for inflation, the current payment is at its lowest level in five years.

     It’s 36.9 percent below its year-ago level and 24.2 percent lower than the spring of 1989, the peak of the prior real-estate cycle.”

     –matthew.wrye@inlandnewspapers.com

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