The typical mortgage payment for homes that closed last month in California was just $958, down nearly 50% from one year ago ($1,712) and the lowest "adjusted for inflation" payment ever recorded in the state by DataQuick, which has been tracking real estate activity since 1988.
At $958, the current average monthly payment is 54.4% below the peak of the 1989 real estate cycle and 63.1% below the peak of the current cycle, which topped out in June of 2006.
Sales in Southern California have increased for nine consecutive months, driven largely by foreclosure inventory. Foreclosures represented over 55% of all resale activity in Southern California in March, and 57% of all sales statewide.
