Most of the drop can be attributed to the amount of foreclosures on the market, which accounted for more than fifty percent of all
home sales. In December, San Diego saw a median price drop of approximately thirty percent compared to the year before, leveling at around
$300,000 for the median price of a home in San Diego.
On a positive note, the amount of foreclosures on the housing market had many homeowners snatching up the great deals. The prices were
so attractive that Southern California had a more than fifty percent increase in sales.
Another bit of fascinating news is that the average mortgage payment is averaging at a little over twelve hundred dollars a month, which is down more than
one hundred dollars compared to the month before and down an average of over eight hundred dollars compared to the previous year.
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