50% of sales in California were foreclosures. This was on CR, from the LA Times Land Blog:
“A total of 20,497 new and resale houses and condos closed escrow in the six-county Southland in September, up 5.8 percent from 19,366 in August and up 64.6 percent from 12,455 in September 2007, according to San Diego-based MDA DataQuick, a real estate information service.
Fifty percent of all existing homes that closed escrow in September had been foreclosed on at some point in the prior year. That’s up from 45.5 percent in August and 12.6 percent in September last year.”
I almost posted this yesterday, thinking the bottom callers would come out. They seem fewer and it took longer than normal this time. that tells me we’re sitll not quite there.
Take away the foreclosures and sales are down from last year. What I’m wondering is if the number of foreclosure sales includes bank repos, though it would probably say that. Anyone know?
