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Fannie Mae Home Listings and Other Types of Houses Had Buyers' Interest

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By : John Cutts    99 or more times read
Homebuyers flocked to Southern California during the month of June, resulting in home sales to climb up. Interest from buyers on properties under foreclosure and Fannie Mae home listings, and even on new residences, peaked during the month as evident in the over seven percent increase in house sales compared with May 2010.

Most areas in California enjoyed a steady housing market performance in June 2010. Even Santa Monica foreclosure listings garnered interest from buyers and real estate investors during the month. However, the average price of a residential property declined slightly during the same month when compared with May 2010.

According to housing market analysts, the rise in buyers' interest in foreclosure listings in California is primarily due to investors and buyers trying to take advantage of the tax incentive offered by the federal government. In the Southern area of the state, 23,871 houses were purchased in June, representing a 7.2% increase compared with May and a 2.6% rise compared with June 2009.

Although median prices of houses have declined, including those for new residences and properties in foreclosure list of homes for sale, the drop is not significant enough to hurt the local housing market in a big way. Average prices for commonly sold homes, like single family dwellings, town houses and condominiums, dropped by 1.6% in June compared with May. However, the price represents an increase of over 13% when compared with June 2009.

Analysts have stated that the change in median prices for residences is dictated more by the diversity of homes being offered for sale, with properties from Fannie Mae home listings and high end residences included in the mix. This is in contrast to previous year's trend, when prices of houses are mostly determined by the value of properties and not as much by type.

Recent housing market reports also showed that there are less cheap residences being sold and more luxury properties getting snatched by buyers out of the market. The performance of Southern California's residential property market is much better in June compared with the nationwide market, with the latter posting significant decline in sales.

Market observers have warned though, that increased interest in new dwellings, Fannie Mae home listings and foreclosed residences should not be seen as a definite step towards recovery since the tax incentive has a lot to do with the rise in home sales.

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