According to MDA DataQuick, there was an increase of 65 percent in the sale of homes in Southern California. This was the biggest increase seen in the last two decades, which was a result of a wave of foreclosures due to which prices of properties fell steeply. Buyers took advantage to purchase properties at heavy discounts.
Orange Counties, Ventura, Riverside, Los Angeles, San Diego and San Bernardino saw condominiums and houses selling in huge numbers, at least to a total of 20, 497 last month. This percentage of sales is so far the highest since December 2006 according to a statement issued by this company which is based in San Diego.
MDA DataQuick said that most of the transactions in Southern California involved properties which are foreclosed due to rising interest rates.
According to the president of MDA DataQuick John Walsh, housing has become affordable due to a steep decline in prices and sale of houses is much above the record lows we saw towards the end of last year and early this year.
DataQuick also said the Riverside County recorded the highest number of sale of homes accounting for almost 69 percent of the sales. Second highest numbers of home sales was recorded in San Bernardino.
Prices of homes fell by 37 percent in Riverside and San Bernardino and by 30 percent in San Diego County. Median price came crashing down due to an unprecedented surge in foreclosures. MDA DataQuick surveys use records from the county and they provide information regarding real estate to customers including companies, public agencies and lenders.
