Tuesday, September 14, 2010

Southern California Home Sales Fall in August; Median Price Dips

From: Dataquick

Government-insured FHA loans, a popular choice among first-time buyers, accounted for 36.6 percent of all home purchase loans in August, up from 36.0 percent in July but down from 39.5 percent in August 2009. 
FHA is now become the sub-prime lender backed by the US tax payer.  You can have as low 500 FICO if you are willing to 10% down or 3.5% if your FICO is 580 or better.
The median’s low point for the current housing cycle was $247,000 in April 2009, while the high point was $505,000 in mid 2007. The median’s peak-to-trough drop was the result of both a decline in home values as well as a shift in sales toward lower-cost homes, especially inland foreclosures.

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