Bay Area Come Back

Bay Area home prices edged higher in April for the first time in 18 months, a sign that the region’s housing downturn may finally be easing, according to a new report.A total of 7,139 new and resale houses and condos sold in the Bay Area last month, up 13.1 percent from a year ago. It was the eighth consecutive year-over-year gain for the nine-county region.

From http://www.pressdemocrat.com/article/20090521/BUSINESS/905219940/1036?Title=Is-the-Bay-Area-housing-market-stabilizing-

Parts of Cali Home Sales Surge in Feb

Sales have increased in California on a year-over-year basis the last eight months. California sales for the month of February have varied from last year’s low to a peak of 48,409 in 2004, while the average is 32,517. MDA DataQuick’s statistics go back to 1988. Bay Area home sales beat the year-ago mark for the sixth straight month in February as the winter market sizzled in many foreclosure-heavy inland areas offering the deepest discounts. The median price dipped below $300,000 for the first time since late 1999.

From David Hoshaw: Santa Clarita Valley Home Sales Surge 45% in February, Price declines Slow, and the median price is up 3% since January 2009. For the eleventh consecutive month, sales of existing single-family home surged compared to the prior year and the rate of falling home prices appears to be easing, the Southland Regional Association of Realtors reported Friday, March 20.

A total of 167 homes closed escrow during February, an increase of 52 transactions or 45.2 percent compared to activity reported 12 months ago. Get his Santa Clarita Foreclosure list

California Offers $10,000 If Buy a New Home

The properties in California must close escrow between March 1, 2009, and March 1, 2010.
The homes must be:

* Brand new, single family homes
* Never been occupied
* Be the buyer’s principal residence.

Californians can claim $3,333 per year for three years, beginning with the 2009 tax year. It aims to help new homes compete with the glut of foreclosures.

“Back in 1975, the U.S. Congress enacted a tax credit identical to this one, and it worked. It stimulated sales — doubled sales within a year,” said Tim Coyle, California Building Industry Association.”

The money is coming from a $100 million allocation. Once it is gone it is gone.