News from around the country is mixed:
The real estate slowdown will be a major drag on economy this year, but not enough to pull the state into recession, economists at UCLA say. Southern California's residential real estate market continued course in March. Median prices reached another record while sales declined to a 10-year low for that month, a market tracker said this week.
Last month the median price of a home in the six-county region rose an annual 4.6% to $505,000, said La Jolla-based DataQuick Information Systems. It's the first time the median price moved above $500,000, and it was a $10,000 gain from the prior record of $495,000 in February.
A quarterly analysis by a Naperville firm shows the number of single-family homes for sale rose to 49,640 on April 1 from about 40,000 on New Year's Day, a 24.3 % growth. DuPage County saw pending sales growing to 1,074 on April 1 from 667 Feb. 4, a 61% increase. At the low end, but still positive, was Chicago, where pending contracts were up about 19%.
The market in the states is certainly hitting hard times. Maybe its time to think about investing overseas until the market picks up again
Posted by: Chris Heath | June 22, 2007 at 02:10 AM