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CALIFORNIA HOME SALES DECREASE 25 PERCENT IN MAY

Sales decreased 25 percent compared with the same period a year ago, the California Assoication of Realtors (C.A.R.) reported this week. “The decline in sales continues to be driven by both tighter underwriting standards since the start of the year and the adverse psychological impact of news regarding foreclosures and the subprime situation,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “In particular, the lower end of the market, which is the part of the market that is most affected by the subprime situation, has seen greater declines in sales and weaker prices than the higher end of the market. This will likely be a recurring theme in the coming months.”

Written by Keith Byrd - Go to Keith's Website/Profile