Tuesday, August 28, 2007
California's housing market saw another double digit drop in home sales in June, and Realtors say things are expected to slow even further in July and August. The California Association of Realtors tracks the state's housing marketplace.
Chief economist Leslie Appleton-Young says home sales statewide slowed more than 20 percent in June. She says it will get worse before it gets better.
Appleton-Young : I do expect to see even significantly lower levels of sales over the next couple of months. Because this data doesn't reflect anything that's gone on in the credit markets over the last couple of weeks.
Lenders have essentially stopped issuing sub-prime mortgage loans and credit is tougher to get for qualified borrowers looking for traditional loans. The Realtors Association says the credit crunch could continue pushing down sales for the rest of the year.