Serving Bellingham & Whatcom County
Serving Bellingham & Whatcom County
Coldwell Banker Bain
Tom DeRose :: Wireless: 360-220-9355 :: Email: tderose@coldwellbankerma.com

Home Sales in California Increase 27%--As California goes, so goes the rest of the country

Posted on July 31, 2009
Here's an interesting excerpt from the California Association of Realtors:
 
"After back-to-back years of sharp declines in sales, the California housing market bounced back in 2008 with a 27 percent increase in sales. The increase was due in large part to the growth in the absorption of distressed properties, which comprised over half of the sales.
 
With deeply discounted distressed sales flooding the market, prices have dropped significantly since early 2008. The accumulation of foreclosures, REOs, and short sales will continue to put downward pressure on home prices, until mortgage problems begin to subside in the second half of 2009.
 
Despite their negative impact on home owners' equity, the decline in home prices, combined with historically low mortgage rates, have dramatically improved housing affordability and have created opportunities for home buyers."
 
Generally, trends that affect the Nation often are seen first in California. It is reasonable to expect to see an increase in sales of homes in Whatcom County. And in fact, we have seen very active home sales and pendings, and new listing this week.

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