California Real Estate Update Highlights

California Real Estate News Update

-First off, in California real estate home sales have decreased 9.6% in Febuary compared to this same period last year.

-The average days it took to sell a home in California last year in Febuary was 53 days compared to this year being 70 days.

-Sales peaked last year around March, so as we get closer to the traditional buying season we are likely to see smaller declines. If sellers keep their homes well maintained and price their homes correctly to reflect the reality of the market we are currently in, homes will continue to sell.



*Jerry Brown- California Attorney General is investigating the subprime mortgage business in the state. California has the largest U.S. market for subprime mortgages.
-$0.02- Could California be the largest market for subprime mortgages because the cost of living is entirely to high compared to the average income of normal people who live here.

-Heres some news for the San Diego real estate market- In the first couple months of 07, in San Diego county foreclosures have tripled, and four times more Notices of Default are being recieved by homeowners. Also more than 40,000 people left San Diego county last year, which made this area one of the top in the nation for it's loss of residents.

National Real Estate News

As for home builders there are some pretty steep accusations of using aggressive and possibly illegal tactics to sell homes and secure the financing for the home buyer.

1.5 million across the United States may be hit by foreclosure. According to experts 1.5 million Americans may loose their homes and 100,000 people working jobs related to housing could be out of work due to the slowdown in the real estate market.