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June's home sales highest in 10 months
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Turmoil in the credit industry continues to hamper the housing market as potential buyers struggle to secure financing.
As a result, last month's Southern California homes sales, while the highest in 10 months, continued at their slowest pace in more than two decades, DataQuick Information Systems reported today. It was the slowest June in the agency's records, which date back to 1988.
A total of 17,424 new and existing homes and condominiums sold in Southern California in June, up 3 percent from May, but down 13.6 percent from June 2007, according to the La Jolla-based real estate information service. The median price paid for a home sold in Southern California was $355,000.
The median is the midpoint, where half the homes sold for more and half for less.
In Ventura County, there were 767 transactions in June, a 13.4 percent drop from 886 sales a year ago. The median was $420,000, down 27.8 percent from $582,000 a year ago.
The median has plunged because of depreciation, a sharp decline in jumbo loans and rising number of distressed sales. About 41 percent of the Southern California homes that sold last month involved foreclosed properties, according to the report.
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Posted by solvingadream on July 16, 2008 at 1:13 p.m. (Suggest removal)
Worst June on record, amazing.
Posted by alloyz25 on July 16, 2008 at 2:03 p.m. (Suggest removal)
Woooooo Hooooooo!
Posted by jill on July 16, 2008 at 3:27 p.m. (Suggest removal)
"Now" is always the time to buy as far as realtors are concerned. lol They always need to make a living.
Posted by mamaof2 on July 16, 2008 at 3:38 p.m. (Suggest removal)
"The median is the midpoint, where half the homes sold for more and half for more."
was this suppose to end with "and half for less"??
Posted by Relvd98 on July 16, 2008 at 3:46 p.m. (Suggest removal)
Lol...that's right jill, just ask my sister, the realtor. Whether house prices are going up or down, "now" will always be the time to buy.
Posted by Fred on July 16, 2008 at 5:46 p.m. (Suggest removal)
Jenni wrote:
"Turmoil in the credit industry continues to hamper the housing market as potential buyers struggle to secure financing."
Jenni meant:
"Prices are still way out of whack and s#ckers seem harder to find"
Posted by guy133 on July 16, 2008 at 9:30 p.m. (Suggest removal)
Is it truly the worst June in history? If so, the headline of this article is quite misleading. The headline makes it sound like the housing market is improving. If it's the worst June ever, then it means that the housing market is dropping.
So the question is - why would the Star choose to mislead with their headline?
Posted by guy133 on July 17, 2008 at 12:23 a.m. (Suggest removal)
What's your point, high_society?
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