Are We Starting to Experience Some Home Sales Stability in OC, California?

Are we starting to experience some home sales stability?

DataQuick Information Systems released its report on May 19, 2008, and said sales units in OC, California, totaled 2,166 in April, 2008, the first time they were above 2,000 homes a month since the market crisis started.

During April, 2008, buying activity was 19 percent below April, 2007, and 46 percent below the average April since 1988, and was the slowest April in DataQuick’s 21-year sales history.

However, unit of sales improvement in April, 2008, was driven partly by bargain hunters looking at the low end of the price.

The number of houses that sold for $500,000 or less increased 55 percent, and the number selling below $400,000 doubled.

Almost thirty percent of homes sold in Orange County during April, 2008, had been in foreclosure during the prior year (DataQuick).

That's amazing. Perhaps it's the start of the home sale market clearing out the foreclosures. That would be a good thing.

Posted by Harrison K. Long, Explore Properties Group, May 22, 2008
Source: Orange County Register, May 20, 2008