"California’s housing market continued its strong sales rebound this year, resulting from the continued pace of distressed properties coming to market,” said C.A.R. President James Liptak. Amongst the real estate industry, particularly the California Association of Realtors (C.A.R.), we expect sales to moderate, which we have already started to see happening. Since October of 2008 there has been an increase, month-by-month, with the amount of properties selling.
For the month of August, home sales posted the largest monthly increase in at least ten years, partially due to the first-time homebuyers tax credit that is available until November 30th of this year. We are still waiting to hear if that date is going to be extended. Repeatedly we have been hearing from direct lenders with major institutional banks that they still have an incredibly overhelmling list of foreclosure properties that have yet to release onto the market, which may suppress the housing prices. Irregardless we predict median home prices to slightly increase in 2010.
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