Mortgages rates have increased nearly 1% since early October. It's no surprise that home sales have dropped.
La Jolla, CA---Southland homes sold at the slowest pace for a January in three years – and the second-slowest in 15 – amid record-low new-home sales, tight credit, and a persistent reluctance among would-be buyers. The median sale price dipped slightly from a year ago but fell more than usual from December as investors and others targeting lower-cost properties accounted for a larger share of sales, a real estate information service reported.
Read it allLast month 14,458 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was down 26.0 percent from 19,528 in December, and down 5.9 percent from 15,361 in January 2010, according to DataQuick Information Systems of San Diego.