Southern California Home Sales Plummet
Southern California Home Sales Plummet
Southern California Home Sales Plummet
Helpful
Tools
Mortgage
Calculator

Estimate your monthly payment for a home purchase or refinance
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about mortgage loans to find the one that's right for you
15 Year vs 30 Year
Loan Comparison

Compare payments between a 15 year and 30 year mortgage loan
Today's Mortgage
Rates

See today's current mortgage rates. Shop, compare and save.

January 19, 2011 (Jeff Alan)
mortgage-falling-off-image
Southern California home sales plummeted almost 13 percent in December from a year earlier as unemployment and tight credit cut demand, according to San Diego-based data firm DataQuick. The data was somewhat of a surprise as the Southern California market had recently been showing signs of stability and market improvement.

There were 19,528 homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, the lowest December tally in three years and the second- lowest since 1995, DataQuick said. Sales fell from 22,328 a year earlier.

The median price was $290,000, up 0.3 percent from a year earlier and 1 percent from November. The gain from December 2009 was the smallest increase since prices began to rise a year ago.

“What happens next will hinge largely on the pace of the economic recovery and the manner in which lenders manage their inventories of distressed properties, which are competition for new homes,” John Walsh, MDA DataQuick’s president, said in the statement. “A loosening of credit terms would help an awful lot, too, especially in move-up markets.”

Foreclosure resales accounted for 34.3% of the resale market in December, down from 35.2% in November and down from 29.6% one year ago. Foreclosure resales hit a low this year of 32.8% in June and had generally trended slightly higher until last month. The peak was in February 2009 at 56.7%, DataQuick reported.

All six counties showed sales drops from a year earlier, led by a 15 percent decline in Ventura.

Median sale price fell on a year-over-year basis in four of the six counties, with Los Angeles down 2.7%, Orange down 5.7%, San Bernardino down 1.3% and Ventura down 1.4%, while San Diego and Riverside counties recorded small gains of 0.9 % and 2%, respectively.

With regard to upcoming home-buying activity in the area, Walsh said there’s “potential for sales to perk up this spring if rates stay low and brighter economic news lifts consumer confidence.”

Tags: southern california, home sales, unemployment, tight credit, dataquick, median home price, mortgage lenders, distressed properties, foreclosures

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

January 19, 2011 (Jeff Alan)
mortgage-falling-off-image
Southern California home sales plummeted almost 13 percent in December from a year earlier as unemployment and tight credit cut demand, according to San Diego-based data firm DataQuick. The data was somewhat of a surprise as the Southern California market had recently been showing signs of stability and market improvement.

There were 19,528 homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, the lowest December tally in three years and the second- lowest since 1995, DataQuick said. Sales fell from 22,328 a year earlier.

The median price was $290,000, up 0.3 percent from a year earlier and 1 percent from November. The gain from December 2009 was the smallest increase since prices began to rise a year ago.

“What happens next will hinge largely on the pace of the economic recovery and the manner in which lenders manage their inventories of distressed properties, which are competition for new homes,” John Walsh, MDA DataQuick’s president, said in the statement. “A loosening of credit terms would help an awful lot, too, especially in move-up markets.”

Foreclosure resales accounted for 34.3% of the resale market in December, down from 35.2% in November and down from 29.6% one year ago. Foreclosure resales hit a low this year of 32.8% in June and had generally trended slightly higher until last month. The peak was in February 2009 at 56.7%, DataQuick reported.

All six counties showed sales drops from a year earlier, led by a 15 percent decline in Ventura.

Median sale price fell on a year-over-year basis in four of the six counties, with Los Angeles down 2.7%, Orange down 5.7%, San Bernardino down 1.3% and Ventura down 1.4%, while San Diego and Riverside counties recorded small gains of 0.9 % and 2%, respectively.

With regard to upcoming home-buying activity in the area, Walsh said there’s “potential for sales to perk up this spring if rates stay low and brighter economic news lifts consumer confidence.”

Tags: southern california, home sales, unemployment, tight credit, dataquick, median home price, mortgage lenders, distressed properties, foreclosures

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

January 19, 2011 (Jeff Alan)
mortgage-falling-off-image
Southern California home sales plummeted almost 13 percent in December from a year earlier as unemployment and tight credit cut demand, according to San Diego-based data firm DataQuick. The data was somewhat of a surprise as the Southern California market had recently been showing signs of stability and market improvement.

There were 19,528 homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, the lowest December tally in three years and the second- lowest since 1995, DataQuick said. Sales fell from 22,328 a year earlier.

The median price was $290,000, up 0.3 percent from a year earlier and 1 percent from November. The gain from December 2009 was the smallest increase since prices began to rise a year ago.

“What happens next will hinge largely on the pace of the economic recovery and the manner in which lenders manage their inventories of distressed properties, which are competition for new homes,” John Walsh, MDA DataQuick’s president, said in the statement. “A loosening of credit terms would help an awful lot, too, especially in move-up markets.”

Foreclosure resales accounted for 34.3% of the resale market in December, down from 35.2% in November and down from 29.6% one year ago. Foreclosure resales hit a low this year of 32.8% in June and had generally trended slightly higher until last month. The peak was in February 2009 at 56.7%, DataQuick reported.

All six counties showed sales drops from a year earlier, led by a 15 percent decline in Ventura.

Median sale price fell on a year-over-year basis in four of the six counties, with Los Angeles down 2.7%, Orange down 5.7%, San Bernardino down 1.3% and Ventura down 1.4%, while San Diego and Riverside counties recorded small gains of 0.9 % and 2%, respectively.

With regard to upcoming home-buying activity in the area, Walsh said there’s “potential for sales to perk up this spring if rates stay low and brighter economic news lifts consumer confidence.”

Tags: southern california, home sales, unemployment, tight credit, dataquick, median home price, mortgage lenders, distressed properties, foreclosures

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.