Market Psychology Is On The Downside In California

The Mercury News reports from California. “Home sales around the Bay Area fell in January for the 36th month in a row, and four Bay Area counties saw median prices drop below $500,000, something not seen since 2005, DataQuick reported. A total of 3,586 new and resale houses and condos were sold in the Bay Area in January. That was down 29.2 percent from 5,065 in December, and down 41.9 percent from 6,168 in January 2007.”
“The figures were the lowest for any month in DataQuick’s 20-year history. Foreclosed sales counted for 19 percent for the entire Bay Area.”
“‘There was very little selling in those counties and significant chunks of it were foreclosure activity, said analyst Andrew LePage. ‘In Contra Costa, 33.1 percent of homes sold in January had been foreclosed on in 2007. In Solano County it was 43.2 and Alameda it was 24.9 percent.’”
“The median price paid for a […]

Original post by Ben Jones

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