San Francisco, CA (PRWEB) August 14, 2007
eFinanceDirectory.com (http://efinancedirectory.com), a news hub for real estate and mortgage markets, recently released an updated Southern California Housing Market Report. The report offers year-to-year comparisons of various aspects of the market including, median home prices, home sales, and foreclosures.
Median home prices and asking prices are slipping in Southern California. In a year-over-year comparison, the median home price is down 6.9 in Ventura and 5.9 percent in Riverside. Asking prices have declined even more, falling 7.5 percent in Los Angeles compared to the same time last year.
Home sales are down as well, declining 36.2 percent in a year's time. This marks the slowest pace for home sales in Southern California since 1993. The biggest drops occurred in San Bernardino, where sales fell 50.1 percent, and in Riverside, where the decline was 47.2 percent.
Meanwhile, foreclosure activity has increased by more than 100 percent, and in areas like Riverside and San Bernardino, nearly 200 percent. Homeowners throughout Southern California were an average of five months behind on their mortgage payments before the default process began.
Note to Editors:
The full Southern California Housing Market Report, including data charts, can be viewed at: http://efinancedirectory.com/articles/Southern_California_Housing_Market_Report.html
Other housing news for the So Cal area is viewable at:
eFinanceDirectory.com is an online news hub dedicated to providing reliable information about real estate, mortgage financing, and property investment. The company currently focuses on publishing unbiased daily news stories that relate to the U.S. housing market.