Monterey County Home Sales Up

As in a lot of California, Monterey County home sales rose 36% from January 09 to October 09. Sales were 18% higher since September.

This increase is partly due to the tax credit deadline that was looming in November, but now that has been extended until April 2010.

Inventory is about half what it was a year ago, which is causing some bidding wars in the lower price ranges like you find in Salinas.

Still, there's high unemployment and another wave of foreclosures likely to come, either from the banks' shadow inventories or all the Option Arms due to reset next year, or both.

November 2009