Multiple Offers and Sales Abound

Just got off the phone with one of my Realtor buddies and this twenty year vet tells me he has more in escrow since 2005. Multiple offers are cropping up all over Southern California as first time home buyers are snapping up deals.

Home sales went up in May in several States. Ground zero of the real estate recession is California which ncreased 35.2% in May  California, compared with the same period a year ago.

“With affordability for first-time buyers at a record high, sales of existing, single-family homes continued to remain above the 500,000 level for the ninth consecutive month,” said C.A.R. President James Liptak. “Buyers are beginning to realize that the combination of favorable home prices, historically low mortgage rates, and first-time home buyer tax credits, may not align again for many years.