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We're not even using the word "recovery" yet.

"“California, Florida, Arizona and Nevada combined represent 62 percent of all foreclosures on prime loans and nearly half of all subprime ARM foreclosures started in the first quarter, the Mortgage Bankers Association reported.”'

"Among the California homes sold in June, 41.9 percent were foreclosure resales, compared with 6.6 percent a year earlier, DataQuick said."

'"We still have a ways to go before we can say the housing market has turned and showed improvement," said Robert Kleinhenz, deputy chief economist with the trade group. "And we're not even using the word recovery yet."'

In Sonoma County 414 homes sold in June.

Nearly half of all homes sold were owned by lenders or short sales.

Some 47 percent of houses sold in June were bank-owned or short sales, where homeowners sell for less than what they owe on mortgages to avoid foreclosure.

Lenders with foreclosed homes and homeowners in financial distress flood the market.

Real estate companies are dedicating agents and staff to what industry analysts say is an unprecedented wave of troubled properties.

The median-priced house in the region sold for $404,500 in June, down 33.1 percent from a year ago -- the 24th consecutive monthly decline.

This post first appeared on Sonoma Housing Bubble, please read the originial post: here

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We're not even using the word "recovery" yet.


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