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This might look good on the surface, but wasn't it the land of liberals where so many reneged on their loan responsibilities and walked away? They were the beginning of the financial problems we see today. Of course the underlying factor was liberal congress people sticking their nose into the lending agencies and saying they had to make loans easier for poor people. If you could walk into a bank you could get a home loan.

I just know somehow this is Bush's fault. :D

So will the home buying surge bring the Kalifornia economy up? Or will the left coast continue their foolish liberal economics?

Sep 18 07:19 PM US/Eastern
Associated Press Writer 26 Comments

San Francisco Area Home Prices Plunge 31%

LOS ANGELES (AP) - Home sales in California surged 13.6 percent in August as a flood of foreclosures drove down prices.
The figures released Thursday by MDA DataQuick showed 37,988 new and preowned homes were sold statewide last month, up 13.6 percent from August 2007 but down 3.8 percent from July.

The firm said 46.9 percent of all homes sold last month were foreclosed properties.

That helped send the statewide median home price plunging 35.3 percent to $301,000 during the year ended in August.

Most of the foreclosed homes were located in inland regions that have taken the worst hits during the housing crisis.

"It's the counties that have these large pockets of distressed properties where prices have plummeted," MDA DataQuick spokesman Andrew LePage said.

"If it weren't for the big price drops in the inland markets, we wouldn't see a year-over-year gain" in sales, he said.

Rich Cosner, president of a Prudential California Realty office in inland Southern California, said tumbling prices in his foreclosure-plagued region had attracted a torrent of buyers.
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