DataQuick's latest O.C. home sales data, for the 22 business days ended Oct. 17, strongly hints that October was the eighth straight month where the sales pace was 20 percent or greater below the year-ago pace. The last time we saw as deep a drop running for as long a time was in 1991. The most recent median price was a slim 1% above a year ago. If that trend was to hold for the entire month, it would be the smallest apreciation since May 1997. Here's how it looks by the slice:
Click on the link above for the article
1 comment:
The Orange County Register. “More stress is on the way for the mortgage industry, said Irvine’s New Century Financial, one of the nation’s largest lenders for people with risky credit profiles. The real estate investment trust, in its third-quarter report, said industry loan volume should decline 10 percent next year.”
“And lenders will continue to sell a chunk of loans at a loss as investors scrutinize loan purchases for problems, New Century said. It said more borrowers are missing early payments, forcing the company to buy back more loans that it sold to investors.”
“Patti Dodge, who is transitioning from chief financial officer to head of investor relations, said the company has kept staff levels flat since 2005. ‘However, we will continue to manage headcount in accordance with our productivity metrics,’ she said in a statement.”
Post a Comment