On Wednesday there was some good news for California, which has been one of the hardest hit states in the housing crisis, when a local realtor group said that sales there jumped 18% in May compared to May 2007.
But the hard times are far from over: Prices took a beating, plummeting 35% during the same period, according to a report from the California Association of Realtors (CAR).
“Home sales exceeded 400,000 (on an annualized, adjusted rate) last month for the first time since early 2007,” said CAR President William E. Brown. “While this is a welcome sign for the market, it was due in part to the large share of distressed homes for sale in many parts of the state.”
May was the second straight month of increased sales volume in California, but that followed a disastrous string of 30 consecutive months when sales saw a steady decline.
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