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Sheriff Auction and Home Sales Decline in California for October

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By : John Cutts    99 or more times read
Sales of residential properties, including houses offered at Sheriff auction, dropped in October 2010 in several areas of California. According to MDA DataQuick, the decline is primarily due to fewer foreclosed properties sold during the month and difficulties in getting mortgage loans.

The number of foreclosed homes sold during the month, including Bakersfield foreclosed homes, dropped considerably in most areas of the state. According to a report from MDA, house sales for the month declined by 24% compared with October 2009 in areas like Orange County, San Bernardino, San Diego, Riverside and Los Angeles. The areas had an accumulated total home sale of 16,744 for the month.

The decline is reportedly the lowest October home sales record for the Southern area of the state since 2007. California foreclosed homes for sale account for 35% of the region's home sales in October, representing a 40% decline when compared with the same month of 2009. MDA also reported that the median price of houses in October was $283,000, representing a 1.1% rise compared with last year, but down by 4.2% when compared with September 2010.

According to housing market analysts, home builders are unable to construct residences that can be priced at the same level as foreclosed homes being sold at a Sheriff auction or through short sales. The lack of lending options for more expensive properties also meant that sale of higher end houses also declined during the month.

Among the local counties in Southern California, Ventura posted the most significant sales decline at 30% when compared with October 2009 figures which include foreclosure for sale and new homes. The price of houses in Ventura also dropped by 2.7% with average home price pegged at $355,000.

In terms of home price increases, Riverside posted the highest increase at 4.2%, with average home price posted at $198,000. According to housing data for Southern California, the region has experienced a gain every month starting December 2009. House prices have bottomed in April 2009 at $247,000.

MDA DataQuick has also revealed that the average number of home sales for the region every October, including those offered at a Sheriff auction is 24,123. The current year's October home sales are about 31% below this average.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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