Southern California Home Sales Dip To Three-Year Low; Smaller Year-Over-Year Gain for Median Sale Price

As seen on DQNEWS.com

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its October Southern California homes sales report. Southland homes sold at the slowest pace for the month of October in three years as sales to investors and cash buyers continued to run well below October 2013 levels. Additionally, the median price paid for a home fell month-over-month again and the single-digit gain from a year earlier was the smallest in 28 months.

A total of 19,271 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in October 2014. That was down 0.4 percent from 19,348 sales in September, and down 4.4 percent from 20,150 sales in October 2013, according to CoreLogic DataQuick data.

Last month’s sales decline from September was not unusual. On average, Southern California sales have fallen 0.3 percent between September and October since 1988, when CoreLogic DataQuick data begin.

October home sales have ranged from a low of 12,913 in 2007 to a high of 37,642 in 2003. October 2014 sales were 17.7 percent below the October average of 23,413 sales.

“It was another sub-par month for Southern California home sales. We’ve yet to see traditional buyers fill the void left by the drop-off in investor and cash buyers, which began in spring last year,” said Andrew LePage, data analyst for CoreLogic DataQuick. “Of course, there are multiple reasons for this year’s lackluster sales. New-home transactions are still running at about half their normal level. The resale market is hampered by constrained inventory in many areas, in part because some people who want to put their homes up for sale still haven’t regained enough equity to purchase their next home. Then there are the would-be buyers who continue to struggle with affordability and mortgage availability, if not uncertainty over their employment or the direction of the housing market.”

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Property Tax Schedule

PROPERTY TAX SCHEDULE

The following schedule is intended to serve as a general guide to property-owners.

July 1 Beginning of the fiscal year.
August Treasurer-Tax Collector’s Office mails delinquent prior year secured notices.
August 31 UNSECURED TAX DELINQUENCY DEADLINE as of 5:00 p.m.  A 10% penalty plus a $75.00 collection fee is added as of 5:00 p.m.
Sept 25 – Oct 5 The Treasurer-Tax Collector’s Office mails out original SECURED PROPERTY TAX bills.
October Unsecured Tax liens filed for unpaid unsecured accounts.
November 1 First SECURED PROPERTY TAX installment is due; delinquent UNSECURED accounts are charged additional penalties of 1.5% per month until paid.
December 10 FIRST INSTALLMENT payment deadline. A 10% penalty is added after the deadline.
January Treasurer-Tax Collector’s Office mails delinquent notice for unpaid FIRST INSTALLMENT and SUPPLEMENTAL SECURED INSTALLMENTS.
February 1 Second SECURED PROPERTY TAX installment due.
Feb – March Treasurer-Tax Collector mails delinquent prior year secured installment.
March – July UNSECURED PROPERTY TAX statements mailed.
April 10 Second SECURED PROPERTY TAX installment payment deadline.  A 10% penalty plus $23.00 cost is added after the deadline.
May Treasurer-Tax Collector mails delinquent notices for any unpaid first and second installment taxes and SUPPLEMENTAL SECURED INSTALLMENTS.
June 30 End of fiscal year.
July 1 Delinquent SECURED accounts and SECURED SUPPLEMENTAL accounts are transferred to delinquent tax roll and additional penalties added at 1.5% per month on any unpaid tax amounts, plus $15.00 redemption fee.

Please note that the list above includes only the more significant dates and may not include all items or activities in the regular tax cycle.  If a delinquent date falls on a weekend or holiday, the delinquent date is the next business day.   In addition, SUPPLEMENTAL TAX bills are mailed throughout the year.