Joanne Brown is reporting that California home sales decreased 28.5 percent in February compared to the same period a year ago, while the median price of an existing home fell 26.2 percent.

And there are a lot of homes on the market, she says.

The Unsold Inventory Index for existing, single-family detached homes indicates that it will take over 14 months to deplete the supply of homes on the market at the current sales rate.

Brown expects conditions will begin to change once the economic stimulus package begins to take effect.

And she cautions that despite the increase in resales, short sales, foreclosures, new homes and REO's, it's still a buyers market.

Brown says that new legislation has been proposed to reduce the down-payment requirement for FHA loans and to include condominiums in the single-family program.

This all points to great opportunities for buyers, sellers or investors who are able to work in this complex market.

Seniors 62 or older who are interested in a reverse mortgage should give her a call.

Or for more information on this area, contact Joanne Brown at:
ForSaleByJBrown.com.

Published: April 11, 2008

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