When an REO goes on the market at a phenomenal price and it’s sold with multiple higher than list price offers in 4 days – we have the bottom. This is happening all over the place here.

Yes, we have a serious increase in our foreclosures & inventory and a serious decrease in number of qualified buyers. At the same time, we are doing peachy when compared to your neck of the woods.

In this particular post – I was only talking about FHA loans, not all lending in general.

I found out that this facility is now “on the back burner”. The developer has stepped away so to speak and there are no plans to develop it at this time.

Big bummer.

California Real Estate market gave signs of relief. Home sales went up 12.3 percent in July compare to the same month last year. According the Quick Data, a company that monitors Real Estate Activity nationwide.

Of the homes sold 44.8 percent were foreclosure resales.

The median home price last month was 318,000 down 3% from 328,000 for the month before and down 33.5 percent from July a year ago. Most of the drop in home prices is due to the depreciation properties are facing because of the mortgage meltdown.

Not even the most knowledgeable Real Estate indicators know exactly where the market is going. Foreclosure activity is at record levels, banks are asking for tougher requirements, non-owner occupied homes are almost impossible to re-finance.