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Southern California Home Sales Up but Home Foreclosures Remain a Problem

October 13th, 2009

Southern California home sales rose higher last month, bolstered by late-closing summer transactions, low mortgage rates and buyers hoping to take advantage of a soon-to-expire tax credit. The region’s median sale price remained lower than in September 2008 but, for the first time in years, several counties logged year-over-year gains in the median price paid for resale houses, a real estate information service reported. Last month 21,539 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. Getting a house loan with bad credit is often more difficult then getting approved for a note modification.

According to DataQuick, that was up 0.2% from 21,502 in August and up 5.1% from 20,497 a year earlier, September marked the 15th month in a row with a year-over-year sales gain, although last month’s was the smallest of those increases. Sales for the month of September have averaged 24,873, ranging from a low of 12,455 in September 2007 to a high of 37,771 in 2003, based on DataQuick’s statistics, which go back to 1988. Home foreclosures and loan modification plans dominated the housing transactions again this quarter even though REO sales were higher.

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