Southern California Real Estate Sales Surge in March 2008 – DataQuick
DataQuick is reporting that Southern California sales surged nearly 22% from February 2008 but were still down 19% compared to 2007. This is very positive news coming out of SoCal as their sales had been running 40-50% behind. Southern California, along with parts of Florida, were some of the hardest hit areas during this real estate downturn….it is a downturn here in Minnesota, but could be considered a crash is other places.
Many of the homes being purchased are bank owned properties or in some state of foreclosure. This is great news to see because it shows that investors are out and they believe the time to strike is now. It’s my opinion that despite the very difficult market in Southern California, they will likely turn around there sooner and faster than we will here in Minnesota. It will be an important market to watch. Trends happen first in California.
