HousingWire reports from San Francisco that while the number of houses sold increased Sept. 2010 to Sept. this year by 6.6 percent, the usual Aug.-Sept. seasonal drop in home prices was 10.2 percent. John Walsh, president of DataQuick says what’s interesting is what is not happening. He says, “While there has been a lot of talk about shadow supply, especially distressed properties that haven’t been put on the market, demand continues to accumulate. Empty-nesters want something smaller, growing families want something bigger. People still die, they get married, retire – all of this generates demand. And only a fraction of that demand is being met in today’s market.” The median sale price of condos, new, and resale homes dropped Sept. 2011 over 2010 7.6 percent to $365,000. 25.6 percent of all resales in September were foreclosures, while short sales accounted for 20.1 percent. FHA home purchases of resales accounted for 21.8 percent, down from 24.41 percent last Sept.
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