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The median sales price drops to $300,000 in October, dragged down by the large number of foreclosed homes on the market. With the price of Southern California homes down more than 40% from its peak, the housing market has now slid further than most economists expected.
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SAN FRANCISCO (Reuters) - Southern California home sales soared nearly 65 percent in September from a year earlier as bargain hunters seized on the region's glut of foreclosures and depressed real estate prices, according to a report released on Monday by MDA DataQuick.
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Devastating wildfires fed by hurricane-like winds again ravaged Southern California on Saturday, destroying hundreds of homes, closing down freeways and threatening Los Angeles with power failures.
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LOS ANGELES, Nov. 15 -- Erratic, ember-blowing firestorms tore through Southern California on Saturday, consuming more than 10,000 acres, or about 15 square miles, forcing the shutdown of power in several neighborhoods and sending tens of thousands of people fleeing from their homes.
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Residents briefly returned to a mobile home community in Southern California on Monday to assess damage caused by a major wildfire, with many discovering the blaze had consumed all they owned.
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Homeowners from Chino Hills to Sylmar and Santa Barbara are erecting sandbag barricades to help channel storm runoff and debris flows away from homes near Southern California areas ravaged by wildfires.
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The November median sales price falls 34.5% from a year earlier. Foreclosures continued to drag home prices to new lows in November, as the Southern California median sales price slid to $285,000, its first drop below $300,000 since 2003.
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The value of country homes has declined at a record level as figures from Knight Frank reveal home owners who work in banking and financial services are among the worse hit by the property slump.
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CRUDE oil prices fell yesterday after a US government report showed a big increase in crude stocks and a big drop in demand, providing evidence that economic weakness is eroding fuel consumption in the world's biggest consumer of petroleum products.
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City centre flats dominate a survey indicating the 10 areas in England and Wales with the biggest falls in property prices.
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The return of short sellers to the US market after a near-three-week ban was blamed for a sharp drop in prices as General Motors and Morgan Stanley led stock markets sharply lower
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Ordinary borrowers and private equity will feel effects, as risky corporate loan prices have been hit hard
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City centre flats dominate a survey indicating the 10 areas in England and Wales with the biggest falls in property prices.
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The return of short sellers to the US market after a near-three-week ban was blamed for a sharp drop in prices as General Motors and Morgan Stanley led stock markets sharply lower
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As of early Friday afternoon, Mitsubishi UFJ Financial Group's long-awaited investment in Morgan Stanley could more than give the Japanese bank a big stake in the embattled firm. Technically, it could buy Morgan Stanley outright.
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House prices in England and Wales have fallen for the seventh consecutive month, with all regions including London now registering annual declines, according to the FT house price index
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Nymex and key global commodities index decline 17% and 10% respectively on the week as investors sell assets on fears that the world economy was heading into recession
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Shares of Canadian energy companies jumped Tuesday despite a drop in the price of oil as most of the world's stock markets responded to government moves in North America and Europe to stabilize the financial system.
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Strong winds Tuesday morning stoked three major wildfires in southern California that have destroyed dozens of homes, forced thousands to flee and killed two people.
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Supermarket moves to 99.9p/litre on unleaded and 110.9p/litre on diesel.
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Gordon Brown has called on energy firms to pass on falls in gas and oil costs to customers.
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Experts say the numbers reflect attitudes before the economic crisis worsened, and warn that despite the increase, the real estate market is likely to suffer. Sinking home values continued to drive home sales in September as bargain hunters snared properties at 2003 prices.
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The median is down 33% from a year ago. Sales rise 65% amid bargain hunting; half of September's home sales are foreclosures. Don't count on that housing recovery any time soon.
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The agency needs office space while it liquidates the assets of failed banks and thrifts. The search is focused on Orange County, a source says. The Federal Deposit Insurance Corp. plans soon to sign a major lease of office space in Orange County, probably in Irvine, where as many as 600 people would liquidate the assets of troubled banks and thrifts based in California and other Western states.
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US crude fell over $4 overnight, pushing it below the $70 a barrel
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After a year off from playing in the Southland, the tour will play in the fall of 2009 at Soboba Springs. The Nationwide Tour, which held a professional golf tournament in the Inland Empire from 1994 through 2007, will return to the area in 2009 with a $1-million event at the Country Club at Soboba Springs in San Jacinto.
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Research by a leading oil analyst has shown that a low oil price combined with high borrowing costs could mean more than half of the oil and gas left in the North Sea remaining there.
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Prices fall by 1.4% in October Reluctance of sellers to reduce asking prices could be hindering market activity Recognition that the UK is heading into recession opens door to sharp cuts in rates
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Drivers in Nova Scotia can now buy gas for less than $1 a litre.
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A storm system moving into the area from the south over the ocean is bringing in moisture and is expected to linger through Saturday night. Scattered showers left Los Angeles roads slick this morning, and trick-or-treaters can expect more dreary weather across the Southland later today.
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They tend to practice a brand of Christianity that puts an emphasis on daily worship and missionary work. Six days a week in Koreatown, hundreds of people converge on Oriental Mission Church for a prayer service before sunrise.
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Monday, the Reserve Bank of Australia said the commodity price index fell 5.1% in October on a monthly average basis in SDR terms, following a revised increase of 0.7% in September. The central bank said decreases in the prices of copper, wheat, nickel and aluminium had the largest contribution to the fall in the index.
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Reinforcing expectations that the European Central Bank would cut its key interest rate on Thursday, producer price inflation slowed more than expected in September.
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WORLD oil prices extended losses in Asian trade on concerns that demand is weakening in the United States, the world's biggest energy user, dealers said.
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House prices dived by a record 15 per cent during the past year, wiping nearly £30,000 off the average home's value, Britain's biggest mortgage lender said today.
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Inheritance bills can be cut if assets left in a will fall in value after the date of death. But how do you get a reassessment?
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Britain's biggest building society, the Nationwide, says it expects house prices to continue to fall in 2009/10.
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The building society said it expected tough conditions to continue 'for some time' as it reported an 18 per cent fall in underlying pre-tax profits
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