8/24/2004

Los Angeles County Home Sales Cooled a Little in July

The last two weeks in June the inventory dramatically increased in certain local markets, Long Beach being one of them. Consequently, homes are sitting on the market longer as buyers have more to choose from, as long as 60 days or more, depending on the property. Southern California overall has had about a 5% decrease in sales from June to July, 2004. California overall has fewer foreclosures but they also are resorting to adjustable mortgages and 100% financing as the buyer index lowers to 18% statewide. As of November, 2003, more than 50% of the buyers were turning to adjustable mortgages. See this chart for more information on Dataquick, as well as links to more information.

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