Home Sales BOOMING!!!!!!
“Foreclosure auction sales more than doubled in San Mateo County in February over a year earlier, though they slowed somewhat from their blistering January pace, a new report revealed Monday.” “Some 81 homes were sold at foreclosure auctions last month countywide, up 224 percent from February 2007, according to a Web site that tracks California foreclosure sales.”
“San Mateo County’s foreclosure rate is low compared with those in other California counties. Alameda County was up twofold to 487 sales. Santa Clara County was up more than fourfold with 351 sales.”
“In San Joaquin County, which includes Stockton, foreclosures were up more than four times compared with a year ago, with 940 sales. Merced County was up nearly fivefold, with 316 sales. Sacramento County more than doubled to 1,392 sales.”
“Riverside County had a staggering 2,159 sales, up nearly threefold. Another major problem area was San Bernardino County, which had 1,568 auction sales, up 352 percent.”
“Nearly 40 percent of Monterey County home sales listed in The Herald during a two-week period in late February and early March likely were foreclosures, indicating a move by banks and mortgage firms to recoup some of their losses, said one real estate expert.”
You have to love the mainstream media. They exploit the fact that seasonally adjusted home sales were up in February even though sales were actually down over 20% year over year. Not only that, many of February's sales were forclosures.
Where are we going when we effectively start to cheer rising foreclosure rates?