Source: LA Times. So.Cal Median Price
Southern California and Florida along with a few other markets mostly out west, have been hit the hardest by the housing bubble bursting, you will agree.
So, if the California home market begins to turn, would you also agree that it is a sign that the housing crisis is beginning to find a bottom? Give it some thought, since this aricle in the LA Times reports that home sales in Southern California rose by 65% in September, compared with Sept. one year ago.
Half those homes were previously foreclosed, and the median price continued to fall. But with so many homes sold, I believe it would indicate that the market is finding an affordable bottom.
And, here in Atlanta, the same holds true. I will have to find real numbers – maybe for a later blog post further on in the week – but anectdotal evidence that I have seen shows that prices are shoring up and finding an acceptable bottom. If that is the case, sentiment towards housing will shift to positive again shortly. You want to buy before that happens, if you are in a position to buy.
That is especially true if you are around Atlanta, and looking for a home at $350K or below. Let’s look at an FHA loan. Very easy qualifying, and rates have been dropping quickly since late last week.
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