California and Orange County home buyers were motivated to buy a home because of decreasing prices, according the the California Association of Realtors's 2009 Survey of California Home Buyers. Other surevy results include:
- Number of first-time buyers rose to 38 percent in 2009, compared with 19 percent in 2008.
- 68 percent of buyers said price decreases motivated them to buy a home.
- 39 percent reported low interest rates helped them move to a better location.
- 49 percent of all buyers purchased a home through a traditional market sale.
- 38 percent purchased a REO/bank-owned property.
- 13 percent of buyers purchased a short-sale property.
- 88 percent of traditional market sales were financed through fixed-rate mortgages.
- 75 percent of short sales were…