The World is truly freaky! Lots of bad news and lots of good news. Foreclosures are crazy, to fill my gas tank I need some of that no down financing from Countrywide. All while retails sales is higher than expected. How can that be? As always I try no to report the bad real estate news, only the good. And good realty news is good for sales!
Home prices go up in California so says FNC Inc.
Prices appreciated in 15% of ZIP codes in San Diego, 25% in Orange County, and 24% in L.A. County this from January through April.
“We are seeing signs that certain ZIP codes, typically in coastal areas, are beginning to stabilize and even appreciate from their end-of-2007 lows," said Robert Dorsey, executive vice president for Data and Analytics at FNC.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October.
Lawrence Yun, NAR chief economist, says:
“Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines...Sharp price reductions are leading to a quicker discovery of price equilibrium points. The West is already seeing year-over-year gains in pending contracts.”