California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

California homes sales rose more than 7 percent last month compared with May,
but the median price paid for a home in the state was down about 3 percent.

An estimated 43,964 new and resale houses and condominiums were sold statewide
last month, according to San Diego-based MDA DataQuick, a real estate tracking
firm. That's compared with 40,965 in May, but the number of sales was nearly
the same as the total a year ago.

DataQuick reported that statewide the median price paid for a home last month
was about $270,000, down 3 percent from $278,000 in May. The number, however,
is up 9.8 percent from $246,000 in June 2009. The year-over-year increase was
the eighth in a row, following 27 months of year-over-year decline.

Meanwhile banks took control of 269,962 properties in the second quarter, up 5
percent from the prior quarter and a 38 percent spike from the second quarter
of last year according to Irvine-based RealtyTrac also a real estate tracking
firm its midyear 2010 foreclosure report.

Repossessions will likely top 1 million this year according to its forecast. And
this year more than 3 million households are likely to get at least one foreclosure
filing, which includes notice of default, scheduled auction and repossession.
According to RealtyTrac, one in every 78 households got at least one foreclosure
filing in the first six months of this year.

I am Tim Johnson and this has been the California Business Minute.