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California home sales have been leveling out, the median price of homes has pulled back from the $300,000 threshold
that was crossed in late 2009, along with reports on weakness in the national numbers and the large numbers of
distressed sales across the board, the front and center question is: Are we headed for a double dip?
Median Price of Existing Detached Homes and Unsold Inventory Index Collectively, these observations imply that the market
should see prices stabilize or edge up over the foreseeable
INDEX
future, yet there is still a lot of uncertainty about the rest
$700,000
Median Prices Unsold Inventory Index
20 of the year. For one thing, it remains to be seen how the
$600,000
18 housing market will sustain itself once the federal
16 Homebuyer Tax Credits end on June 30th. Moreover, there
$500,000 14
are long-standing concerns about a second wave of
12
$400,000 foreclosures and how it will impact housing market
10
$300,000
8
values. Recent changes to the HAMP loan modification
$200,000 6
program, including principal forgiveness, and similar
4 changes to the loan modification programs of major
$100,000
2 banks, along with growing evidence that the California
$0 0 market has shown improvement in recent months, the
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