San Diego, CA, July 30, 2009 --(PR.com
)-- From April to May this year home prices have gone up, which is the first month-over-month increase in almost two years for Southern California where the area’s median home prices rose from $247,000 to $249,000, and sales increased 1.3 percent.
The numbers across the board for the six-county region have responded differently; Orange County prices were up 7.9 percent, Ventura County was up 4.4 percent, San Diego County was up 3.9 but their sales were down slightly, Los Angeles and Riverside were unchanged, while San Bernardino, hit hard by foreclosures, was down 1.1 percent. Although the typical monthly mortgage payment for buyers was up slightly this May they were down significantly compared to April of 2008, which is a reflection of lower foreclosures, interest rates, and prices.
“It shows that we are accomplishing the goals we’ve set,” says Michael Schunk, President of Fidelity Law Group in Southern California. “Although nationwide last month, 50.2 percent of home sales involved homes that had been foreclosed upon in the past twelve months, San Diego being about 43.1 percent, the figures have dropped from their previous highs. Lenders and borrowers are looking for ways to make loan modifications of some sort work and these numbers reflect that work.”
Overall, sales region-wide were up 22.8 percent, which is the eleventh consecutive month of year-over-year increases.
Fidelity Law Group is located in San Diego, CA, and for more information call 1 (888) 809-5299 or contact them via their website: www.FidelityLG.com.