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The San Fernando Valley started 2011 with an anemic housing market.  San Fernando Valley year-over-year home sales are down again from year ago levels, seven months in a row.  January’s units sold were 1026 units.  This is down 19.0 percent over a year ago.  January 2011 sales are at the lowest level we have observed since January/February 2009 when sales were at 982 and 947 units.  Sales in January 2011 were down 29.4 percent from the December 2010 level of 1453.  The sales drop from December is consistent with seasonal trends.  Since 2000, average monthly sales decline from December to January has been almost 24 percent.

                                                January 2011                      December 2010                      January 2010
SFV Home Sales                            1026                                     1453                                      1167
12 month Change                         - 12.7%

The Valley’s January 2010 median price of a single-family, detached home was $369,000.  This is DOWN 6.6 percent since last Januarys’ median price of $395,000.  This is the first year-to-year decline we have observed since November 2009.  Valley median home prices peaked at $660,000 in May 2007.  Since then, the lowest median price level we observed was $347,500 in March 2009.  It should be noted that this current decline has only been for one month.  Median home prices are down from the prior year levels in all seven Valley areas that we track.  The year-to-year declines range from a 0.9 percent drop in the Northeast Valley to a 10.2 percent drop in the Northwest Valley.

                                                January 2011                      December 2010                      January 2010     
SFV Median Price                        $369,000                               $405,000                               $395,000
12 month Change                          - 6.6%

Notices of Default (NODs) in January 2010, at 998, are UP 2.7 percent from January 2009.    NODs peaked in March 2009 at 2539.  NODs have hovered around 1,000 for the past year and indicate continuing financial difficulties in the housing market.  NODs continue to remain highest in Pacoima and Olive View.
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                                                January 2011                      December 2010                      January 2010    
SFV NODs                                         998                                        965                                      972     
12 month Change                             2.7%

January 2010 foreclosures were at 424.  This is DOWN 16.4 percent from the January 2010 level of 507.  Foreclosures peaked at 919 in June 2009.  This is the eighth sequential month of declines over prior year foreclosures.  Valley foreclosures are up 15.5 percent over the past month.  We continue to expect foreclosures to trend downward into the middle of 2011.

                                                January 2011                      December 2010                      January 2010
SFV Foreclosures                             424                                     367                                         507
12 month Change                          - 16.4%
LA County Foreclosures                    2,202                                  1,724                                       2,294           
12 month change                             - 4.0%