Investors and first-time home buyers were out in force last month, snapping up foreclosures and driving up sales of existing homes, a market tracking company reported Thursday.
Analysts say it is no coincidence that sales are soaring in regions where prices have plummeted. In Merced County, existing-home prices fell 43.2% to $130,300, and the area now is the most affordable market in the state. The median price of an existing home in Fresno County tumbled almost 32% to $168,000 last month from a year ago and on new houses fell 12.7% to $248,000.(mercedsunstar)