Lists of residential properties in Los Angeles were among the most sought after listings in June, as sales of homes spiked to the highest level since July last year, based on sales data from a major real estate research organization.
Despite the expiration of the tax credit scheme which slowed down house sales in many markets, total house sales climbed up in Los Angeles, with 33 percent of sales coming from bank-owned real estate foreclosure listings.
Investors were among the most aggressive buyers and sellers in June, as 23.5 percent of total sales were paid in cash and 3.4 percent were flipped – bought and resold within a period of six months. Analysts presumed that 19.7 percent of total sales were made to investors in real estate and foreclosure listings in Los Angeles.
Meanwhile, those who did not pay in cash used various home loans, with 6.6 percent of total sales obtaining adjustable rate mortgage loans and 17.3 percent using jumbo loans.
Similarly, lists of residential properties in the entire Southern California region were also in demand in June, as total house sales jumped up to 23,871 units, up by more than 7 percent from the May 2009 sales of 22,270 units and up by almost three percent from the April sales of 23,262 units. Just like in Los Angeles County, total May sales also marked the highest level of house sales reached since July last year and the highest June sales since 2006.
Around one-third of these sales arose from Southern California foreclosure listings, down from 45.3-percent share in May last year and down substantially from the record 56.7-percent share posted in February last year.
The sales price median in Southern California in June was $300,000, down by 1.6 percent from the May median of $305,000 but up by 13.2 percent from the June 2009 median of $265,000.
In Los Angeles County, the price median for sales from lists of residential properties was $335,000, up by five percent from the June 2009 median price of $320,000.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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