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Mammon

House Prices In California Up 10% Last Month

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http://www.sacbee.com/business/story/1959514.html

This is the sacramento newspaper so it doesnt cover all of california but here are the average home price numbers for the nearby counties from what they were in april to what they were in may...

Sacramento Co. 160k to 175k Up 9.3%

Amador Co. 180k to 209k Up 16%

El Dorado Co. 310k to 325k Up 4.8%

Nevada Co. 322.5k to 352.5k Up 9.3%

Yolo Co 242k to 276k Up 14%

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Interesting? What does everyone think this is?

Blip?

Floor reached?

Dead cat bounce?

Inflation?

Media ramping?

Bearin in mind that state is nigh on bust. Are we seeing the states market now turning, or a breather before the next downward stage?

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It's obviously a blip.

All those people who fear missing the bottom, notwithstanding that property bottoms usually last for a couple of years and are thus hardly a "blink and you'll miss it" buying opportunity.

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The first houses to get repo'd are the total deadbeats who never had a chance in a million years of funding their purchase, smaller, cheaper houses. Next come the middle and higher end homes.

The like for like figures will paint a different story.

Jeannie Louie of Sacramento was among the 3,400-plus buyers in May, scoring a $210,000 short sale property in Rosemont. The home, which sold previously during the housing boom for $350,000, came with solar power panels, a tankless water heater and another big perk.

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The impending collapse of the Californian state finances with the ending of all those uber phat pay n pension schemes public workers enjoy over there will seriously crimp this recovereh l expect.

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Look at prices versus volume...

700-5B19HOMESALES_C.xlgraphic.prod_affiliate.4.gif

That puts a perspective on it not mentioned in the OP.

I don't understand, total volumes on all homes in May was +1.4% mom, and +2.64% yoy ?

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They're rising again.

Median sales prices climbed throughout most of the capital region in May – dramatically rising more than 9 percent for existing houses in Sacramento County – as the mix of home sales bent less toward bank repos and back toward higher-priced homes.

The opening sentence is misleading as it implies house prices are rising. The median price of home sales doesn't really tell us a lot. The houses that were sold might all have been bargain buys that were snapped up for 25% less than last year's market value. The article doesn't make this comparison.

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