La Jolla Real Estate - Stricter Lending Slows Home Sales in Southern California

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May 23, 2007

Stricter Lending Slows Sales in Southern California
There has been a decrease in home sales in Southern California neighborhoods that cater to first time buyers and also offer affordable housing options. The drop is due to tougher mortgage loan standards, which has decreased the number of eligible buyers.

Sales of homes in areas where the median price is $600,000 and above continue to remain strong.

The chief analyst for Data Quick Information Systems is optimistic regarding the overall recovery of the housing market. He sites that the economy continues to remain strong and interest rates remain low.

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