Median Home Sales Prices Decline in California

According to Dataquick Information Systems median home sales dropped 2.9%. This is of course credited on the fact that home buyers were closing on homes purchases in spring that were fueled by tax credits for home buyers.

According to a report in the Los Angeles Times sales were still up almost 10% on a year over year comparison over 2009.

Its too early to predict the outcome of any current trend. However we can keep track of any trends in the next few month to see if there is a definitive pattern.

Recent declines in refinance mortgage rates may also carry over in to the real estate purchase market.

On July,1 2010 congress amended the HR 5623 the Home Buyers Assistance and Improvement Act. This allows home buyers that have contracts closed at the end of April,30 2010, but have not closed the escrow, until September 30, 2010.