Many believe that housing prices in California may have finally hit bottom, as the median price has begun to rise in the last month. Not only are the home prices rising but foreclosure sales represent less than half which is a first for almost an entire year.

Many warn this might not last as California’s unemployment rate continues to increase at an alarming rate as well as the mortgage default rates in California. In addition the median price is still much lower then it was only a few years ago. So whether this increase can be take as a sign of recovery is still debatable. Another surge in foreclosures could cause the housing market to fall again.

This entry was posted on Tuesday, July 21st, 2009 at 2:54 pm and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.