Market expert, Joanne Brown, is reporting that California home sales decreased in percentage wise -- with a year over year decline.

However, per the index, eight of 20 cities experienced month-over-month increases in prices. That shows cities "are beginning to sort themselves into a better market condition. This also shows that the whole market is not collapsing. California cities included in the index continued to experience price declines are Los Angeles, San Diego and San Francisco.

And there are many homes on the market she says.

The Unsold Inventory Index for existing, single-family detached homes indicates that it will take many 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.

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

Published: July 10, 2008

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