Here in Sonoma County, California home sales are ON the rebound with a +15% surge over last year and sales numbers equallying the go-go years of 2002 when it ALL started. Not anywhere near the big bubble year of 2005 where we had 771 sales in June with a median home price of $589,900. Today our median home price is $335,000 just below the June 2002 level of $362,000.
Short-Sales are beginning to take off as the big peer banks are under the gun to get them done! We had a new record in June for Short-Sales up +27% with 150 closed sales. Why? The Attorney Generals record settlement and the newly instituted California legislation makes short-sales one of the primary tools to allow an “elegant” exit from homeownership for those in “distress”. The California Legislation does not go into effect until January of 2013 but banks are “encourage and suggested” to get to gettin’!