A Tiny Bit of Good Real Estate News (for a change)

(Editor's Note: Here are some snippets of sales trends from our trade magazine. Maybe things will begin to turn around soon....):

NEW HOME SALES ROSE 2.4 PERCENT IN JULYSales of new, single-family homes rose 2.4 percent in July to a seasonally adjusted annual rate of 515,000 units, according to new data from the U.S. Census Bureau and the Dept. of Housing and Urban Development released Tuesday.

The uptick represents a modest increase from June figures at 503,000, but sales still remain roughly 35.3 percent below July 2007 estimates of 796,000 units.
CONSUMER CONFIDENCE ON THE RISE, ACCORDING TO NEW REPORT
Consumer sentiment rose to 56.9 in August, up from 51.9 in July, according to The Conference Board Consumer Confidence Index™ released Tuesday, indicating a slow shift toward an economic recovery, albeit one that analysts predict will likely take until well into next year to fully materialize.

HOPE NOW REPORTS RECORD NUMBER OF FORECLOSURE WORK OUTS IN SECOND QUARTERHOPE NOW, a private sector alliance of mortgage servicers, counselors, and investors working to prevent foreclosures reported today that it helped a record number of homeowners avoid foreclosure in the second quarter, completing more than 522,000 mortgage workouts for loans that were headed for default.

The alliance adds that its mortgage servicers provided workouts for approximately 181,000 borrowers in June, an increase of 14,000 over May, approximately 105,000 of whom received some form of a repayment plan.

HOPE NOW also reports that the total number of foreclosures prevented by mortgage servicers since its inception in July 2007 has climbed to approximately 1.9 million.

C.A.R. REPORTS SALES INCREASED 43.4 PERCENT; MEDIAN HOME PRICE FELL 40.3 PERCENT IN JULY Home sales increased 43.4 percent in July in California compared with the same period a year ago, while the median price of an existing home fell 40.3 percent, C.A.R. reported Monday.

"Sales improved significantly in July 2008 and remained above the 400,000 level for the third consecutive month," said C.A.R. President William E. Brown. "Deeply-discounted, distressed sales continue to drive volume in many regions of the state. July also was the first full month during which the effects of higher $729,000 conforming loan limits likely had an impact on closed sales."

The median price of an existing, single-family detached home in California during July 2008 was $350,760, a 40.3 percent decrease from the revised $587,560 median for July 2007. The July 2008 median price fell 4.5 percent compared with June's revised $367,130 median price.