The median price paid for a California home in March jumped 14.3% compared with the same month last year. The San Francisco Bay Area sees a 31% median-price gain.
The median was up 9.7% to $329,000 in Los Angeles County and up 12.2% to $432,000 in Orange County.
Isn’t this nice? Unemployment in California is officially 12% (real number over 20%) and the state is close to defaulting. Think Greece.
And with this in mind home prices jumps that much? This isn’t possible folks. So what happened?
About 40.5% of the previously owned homes sold in March were foreclosures… Oh, how interesting. And as we all know, banks are buying housing from themselves in order to keep prices up. This cannot explain the whole increase; neither can inflation that is starting to gain momentum.
This cannot either, but it is fun to watch:
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