by Calculated Risk on 11/16/2010 04:11:00 PM

From DataQuick: Southland Home Sales Fall, Prices Flat

Southern California home sales dropped in October to their lowest level in three years amid doubts about the drawn-out market recovery, tight mortgage lending policies and expired government incentives.
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A total of 16,744 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 7.4 percent from 18,091 in September, and down 24.3 percent from 22,132 for October 2009, according to MDA DataQuick of San Diego.
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Foreclosure resales accounted for 34.7 percent of the resale market last month, up from a revised 33.6 percent in September and down from 40.4 percent a year ago.

In October 2009, existing home sales were boosted by the home buyer tax credit, and the NAR reported sales of 5.98 million on a Seasonally adjusted annual rate (SAAR) basis.

Sales are down close to 25% year-over-year just about everywhere, and the initial estimate for national sales in October is about 4.5 million SAAR with about 10.4 months-of-supply.