Reporter Alejandro Lazo writes in today's LA Times that Southern California’s housing market showed signs of turning the corner in April, noting that foreclosures made up the smallest share of sales in four years and the region’s median home price increased for the first time since late 2010.
But the piece lists other signs of improvement: Foreclosures dropped significantly in California and other Western states last month, national delinquencies and foreclosures hit a four-year low, driven largely by declines in states in the West; and the region’s median home price rose 3.6 percent from a year earlier to $290,000 in April.
Here's a couple of quotes, first from DataQuick President John Walsh:
The housing market continued its painfully slow crawl back toward normalcy last month. You can see it in the fading role of foreclosures, the uptick in median prices here and there and the higher levels of sales in coastal counties.
And here's an even better quote from Steven Thomas, whose company, ReportsOnHousing.com, produces monthly reports on So Cal real estate with a focus on Orange County:
Based on all the numbers and where we are going now, a bottom has been reached. We are getting enough activity that it is causing prices to slowly rise.