Industry News

REO sales high in California

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California home sales mixed by region; prices post record declines With sales up slightly in Southern California and down in the San Francisco Bay Area, the only trait common to these regions in May was a sharp drop-off in median home price from last year's level, according to real estate information service DataQuick. The median home price paid in Southern California fell a record 27 percent from a year ago -- from $505,000 to $370,000 -- because of sluggish high-end sales, more sellers dropping their asking prices, and lenders selling off more of their aggressively priced, repossessed homes. In the Bay Area, the median price paid was $517,000 last month, down 0.2 percent from $518,000 in April, and down a record 21.7 percent from $660,000 a year ago. And while Southern California home sales picked up in May they were still the weakest on record for that month, according to DataQuick's statistics, which go back to 1988. Some 16,917 new and resale houses and condos closed...