Mr. Mortgage: August CA Home Sales & Foreclosure Report…Plus National ‘Existing Home Sales’ Preview

August was not good for the CA real estate market. Just one month after pom-pom’s were flying over how well the market did in July and bottoms were again being called across the board yet again, August, a peak sales month, delivered another blow. Total sales were off, organic sales were off, foreclosure-related sales rose, defaults rose and prices tumbled.

This Wednesday’s ‘official’ existing home sales report from NAR will also likely show a fall unlike last month’s false-bottom surge that I warned you about in my July CA Home Sales Report. This post is meant to identify the micro aspects and many moving parts of the market and why beneath the headlines conditions continue to actually worsening each and every month.