People are buying up foreclosures in southern California according to Bloomberg.com. At least that’s what the latest home sales stats tell us. Southern California home sales rose over 65% in September. This is the biggest year-over-year increase in over two decades MDA data-quick said.
A total of 20,497 new and existing houses and condominiums were sold last month in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. The rise from a year earlier was the biggest in MDA DataQuick’s records and September’s sales count was the highest since December 2006, the San Diego-based company said in a statement.Sales increased the most in areas where rising foreclosures drove down prices. Half of all the homes sold in Southern California last month had been foreclosed upon in the previous 12 months, up from 13 percent a year earlier.