California Short Sales, Foreclosures, REOs Los Angeles, San Diego, Riverside & Orange County Short-Sales Listings

24 Aug 10 California Home Sales Falter

California real estate falters again as California short sales and foreclosures continue to mount.  Even as interest rates for California mortgage loans continue to break records each month, new home transactions in the state remain sluggish at best.

New California Home

California home sales plummeted in July, and many economists had forecasted a robust summer for a state that desperately needs the housing sector to rebound.  The downfall of the California housing industry last year was worse than previously reported, according to a key industry report released Wednesday. New home construction in California still contributed $13.8 billion to the state’s economy and employed nearly 77,000 workers in 2009, but that’s 80% lower than the market peak in 2005.

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