Baltimore housing: Hey, could be worse
At the current pace of sales, it would take 16 months to move all the unsold single-family homes in California, the association said. Yes. Nearly a year and a half. That's up from six months this time in 2006.
From the association's press release:
“Financing issues have dogged entry-level buyers since early 2007, but they spilled over into the middle and upper-tier markets in the last few months,” said C.A.R. President William E. Brown. “The decline in sales at the upper end of the market contributed to a significant decline in the statewide median price as even well-qualified borrowers had difficulty securing financing.”