Merced County Market Watch: Home sales sluggish, but consistent

Merced County Market Watch: Home sales sluggish, but consistent.
The end of the traditional real estate summer brought with it continued sluggish but consistent home sales. In August, 217 properties changed hands in Merced County. This is nearly identical with every month this year, but dramatically down when compared with August of 2006. Even more dramatic is today"s foreclosure inventory when compared with last year"s. At this time last year, lienholders had taken back 44 properties. To date this year, 642 properties have gone back to the bank. These properties have kept for sale inventories up, giving consumers ample choices and some good deals. Because of the downward pressure in prices, more than 40 percent of county residents now can qualify for a home. Keep in mind that two years ago, only 15 percent of local residents could qualify for a home.