Southern California house prices 'down again'

House prices in southern California have fallen again, new research has revealed.

A study by San Diego-based MDA DataQuick showed that in April, the average home in the region dropped in price from USD250,000 (GBP159,300) to USD 247,000.

The situation could be encouraging a rise in sales as the number of transactions in April was over 31 per cent up in the same month in 2008, suggesting that investors and bargain hunters may be taking advantage of the lower prices.

Buyers of US property might also consider California to be a good location due to its long-term trend of high foreclosure rates, which may help provide more bargains to be had.

The improvement in the exchange rate in recent weeks is another possible source of help forUK buyers, with the falls below USD1.40 to GBP1 seen earlier in this year giving way to rates of over USD1.55 this month.

Such a change will help make US property yet more affordable to British buyers.

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