SOUTHLAND : Home Sales Statistics Due:
From Times Staff and Wire Reports
The California Assn. of Realtors is scheduled to release figures today for June sales, and the report should provide one of the first solid indicators of how rising mortgage rates have affected Southern California’s key housing industry. Rates on 30-year loans have jumped to about 8.5% from 7% in February, adding nearly $150 to the monthly cost of a $150,000 fixed-rate loan. Sales in Southern California rose in the spring as “fence sitters” finally decided to buy before rates went higher. But the rush slowed as rates kept climbing. The June figures should show whether buyers are staying on the sidelines or have shaken off their rate hike fears and jumped back into the market.
