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California’s housing markets peaked at different times, and some are recovering faster than others, according to the California Association of REALTORS’ 2010 California Real Estate Market Forecast. The state housing market peaked in May 2007 at a median sales price of $594,530 and hit a trough 59% lower in February 2009. Since then, housing prices have steadily gained.

Southern California markets also peaked at different times and are recovering at their own paces. Sales volume slid 44% from its peak in 2004 to its low in 2007.
• San Diego peaked in May 2006 with a median sales price of $622,380, and was down 39.6% to a median price of $375,710 in August 2009.
• Ventura didn’t peak until August 2006, at $710,910. It was down 34.4% at $466,200 in August 2009.
• Orange County peaked in April 2007 at $747,260, and was down 33.2% to a median price of $499,440 in August 2009. (…)

Today, President Obama signed into law two important benefits to homebuyers: 1) the extension and expansion of the first-time homebuyer tax credit, and; 2) a home-buying tax credit for existing home owners.

$8,000 First-Time Homebuyer Tax Credit
- Qualified buyers receive up to $8,000 or 10% of the property’s value (whichever is less) if they sign a purchase contract by April 30, 2010 and close by June 30, 2010;
- The purchase must be their primary residence;
- Buyer can not have owned a home in the past three years;
- Annula income caps to qualify are $145,000 for single filers and $245,000 for joint filers. (…)