If you are a contrarian investor or buyer, you should like this as a sign of a good time to buy!
California home sales drop to 4-year August low
IRVINE, Calif. (AP) The number of homes sold in California fell to the lowest level for an August in four years as a supply crunch pushed prices higher and kept homes out of reach for many buyers, a real estate research company reported Thursday.
An estimated 37,228 houses and condominiums were sold in California last month, down sharply from the same month a year earlier. Such year-over-year slumps have now hit the state for 11 straight months, CoreLogic DataQuick reported.
Read the entire Bloomberg Businessweek article here.
