Wednesday, November 14, 2007

DataQuick: Record Low SoCal Home Sales

by Bill McBride on 11/14/2007 01:32:00 PM

From DataQuick: Southland home sales plummet

Southern California home sales remained at their lowest level in more than 20 years last month ... Prices have dropped back to spring 2005 levels, a real estate information service reported.

A total of 12,999 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in October. That was up 4.4 percent from 12,455 for the previous month, and down 45.3 percent from 23,745 for October last year, according to DataQuick Information Systems.

Last month's sales were the slowest for any October in DataQuick's statistics, which go back to 1988. The previous low was in October 1992 when 16,887 homes sold. The October sales average over the past 20 years is 24,725.
...
The median price paid for a Southland home was $444,000 last month, down 3.9 percent from $462,000 in September, and down 8.0 percent from $482,750 for October last year. The year-over-year decline reflects depreciation as well as the recent change in market mix - fewer mid-to-high-priced homes selling with jumbo mortgages. When adjusted for shifts in mix, home values dropped 6.7 percent compared with a year ago. Last month's median sales price was the lowest since $440,000 in April 2005.

Foreclosure activity is at record levels ...
Also, from Mathew Padilla at the O.C. Register: O.C foreclosures highest in decade
Amid a slumping housing market and a shortage of available loans, banks foreclosed on 530 homes in Orange County last month, the highest monthly total in more than a decade ...
Orange County NODs and Foreclosures Click on graph for larger image.

This graph shows the Notice of Default (NOD) and foreclosure data from Padilla's story. Orange County was supposed to be one of those areas immune to a housing bust. I don't think so.