Prescott Arizona Area Foreclosure News

More signs that the bottom of the real estate market in California is here or near!  That is great news for home sellers in the Prescott and Prescott Valley market areas since we rely so much on the buyers from CA to buy our homes.  This includes retirees looking for on of the top 10 places in America to retire, (See Best Places to Retire: Prescott, Arizona ), and professionals moving here to service the growing population.

The California Association of REALTORS® released the following information on Tuesday the 28th:

 “The March sales figure of 522,980 homes indicates that the market continues to be very active,” said C.A.R. President James Liptak. “All of the regions in the state experienced increases in month-to-month raw sales, with the smallest gain in the Sacramento region at 9.7 percent and the largest gain in the Riverside/San Bernardino region at 32.2 percent.”

Closed escrow sales of existing, single-family detached homes in California totaled 522,980 in March at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 63.8 percent from the revised 319,290 sales pace recorded in March 2008. Sales in March 2009 decreased 16 percent compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during March 2009 was $253,040, a 39 percent decrease from the revised $414,520 median for March 2008, C.A.R. reported. The March 2009 median price rose 2.2 percent compared with February’s $247,590 median price.

“The statewide median price showed the first monthly increase since August 2007, and has remained in the $250,000 range over the past three months,” said C.A.R.’s Chief Economist Leslie Appleton-Young. “A number of regions around the state also have registered monthly gains for one or more months since the beginning of this year. While these are welcome signs, it remains to be seen whether home prices have stabilized.

“While we still face continued weakness in the general economy and expect continued foreclosures, the increased incidence of multiple offers indicates that first-time home buyers and investors are responding to dramatically improved housing affordability. Low mortgage rates and house prices, coupled with the federal first-time home buyer tax credit, is having a definite impact on the California housing market,” Appleton-Young added.

See the full report here from CAR

If you are a Californian and have your home on the market, why not take advantage of the bargains to be had in the foreclosure market in Prescott,Prescott Valley, Chino Valley or Dewey-Humboldt?  Use our customized IDX MLS search tool:  Search for Foreclosures in the Prescott Arizona area.