The Morning Report
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DataQuick reported numbers today for six Southern California counties, and they show that the region hit its worst sales rate in 14 years. Among the counties of Orange, LA, San Bernardino, Ventura, Riverside and San Diego, a total of 20,166 homes sold. (San Diego’s part of that totaled 3,510: see our story today.)
DataQuick said that rate was the slowest for any June since 1993’s 19,947 sales. And that was the lowest June on record for the information firm. The strongest June was 40,156 sales in June 2005.
I thought this was an interesting tidbit (DataQuick includes San Diego in the “Southland” category along with those other five counties referenced):
The typical monthly mortgage payment that Southland buyers committed themselves to paying was $2,430 last month, up from $2,364 the previous month, and up from $2,422 a year ago. Adjusted for inflation, current payments are 11.3 percent above typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 2.4 percent below the current cycle’s peak one year ago.