September Home Sales Jump

Home sales jumped by 65 percent in California in September compared to the same time last year. This was mainly attributed to home buyers grabbing up deeply discounted foreclosed homes.

Some of the more affordable homes are currently available in the market due largely in part by a deep decline in median home prices that is down to $283,000 throughout California. This is a drop of about 34 percent from last September when the same median home cost $430,000.

Overall, about 40,317 homes were sold last month, an increase of 6 percent from August home sales. What's truly amazing is the fact that foreclosure re-sales have accounted for nearly 51 percent of pre-owned homes sold in September.