California Home Sales Drop

August 18, 2011 by  
Filed under California Home Sales Drop

California Home Sales Drop

In July, California home sales fells to their lowest level in 16 years.  Economic turmoil is certainly keeping buyers away from purchasing properties, as July say an 11 percent decline from property sales in June.

Financial analysts are claiming that the political drama regarding the debt ceiling has much to do with buyer’s concern over purchasing new properties.  With concern over the nation underwater in debt, buyers are showing more trepidation than ever.

July saw almost 35 percent of resale homes as foreclosures, and almost 18 percent sold in short sales.  Serious buyers should definitely consider the idea of a short sale.  When an homeowner is underwater on his mortgage, a lender might consider allowing the owner to sell his property for less than what’s owed.  In these cases, buyers can find dream deals on properties that are worth more than the asking price.

Housing Assist Coldwellbanker