With the average home value falling 34.6% for the year along with low interest rates has sparked home sales.
Orange County’s median price dropped 29.7 percent to $397,000, as sales rose 49 percent.
Los Angeles County’s median was down 31.9 percent to $320,000, and sales rose 32 percent.
Ventura’s median declined 35.6 percent to $338,000, as sales increased 48.5 percent.
San Diego sales totaled 3,325, up 34.7 percent from December 2007.
The starkest examples of the divergent sales/price trend lines were in Riverside and San Bernardino counties. With prices down 41.1 percent and 42.9 percent, respectively, sales skyrocketed 77.2 percent in Riverside and 88.5 percent in San Bernardino. The respective median prices were $209,000 and $180,000.
With home value fallings as much as they have is it time to buy? If you can own your home for within $200 of what your rent is then maybe you should buy. Your rent is only going to continue to go up over time and when you buy you are investing in your future.
Emerald Pacific is structuring home mortgages in the mid 4% range for a 30 year fixed. You can contact Emerald at www.emeraldpac.com to see if you qualify for a 4.5% home mortgage.
The rent you pay should be going to payoff your own home.