Home Sales Way Up In CA, Sort of

A brief article on MSNBC.com this morning, courtesy of the Associated Press, revealed that California home sales were up 65% from a year ago.  The article did say however that "Foreclosure resales accounted for 51 percent of preowned homes sold last month."  Yea figures.  It also makes me wonder how many of these homes were sold a long time ago and escrow is just closing now.  Either way the report did "show the surge in more affordable homes helped drive the statewide median home price down to $283,000, a drop of about 34 percent from $430,000 in September last year."  What that means for San Francisco, probably not much, but it does mean that prices are coming back down to where they should be.  Thank god.

Article: http://www.msnbc.msn.com/id/27310408/