Department Name

San Fernando Valley year-over-year home sales continue a year and one-half sequence of increases over the prior year.  This month’s sales number is up 10.9 percent over the sales number a year ago.  New and existing home sales are down 9.2 percent from the January 2010 level of 1157.  This monthly drop is seasonal.

                                                February 2010                 January 2010                 February 2009           
SFV Home Sales                              1050                             1157                                  947
12 month Change                             10.9%

The Valley’s median price of a single-family has dropped 5.1 percent from January 2010’s median price of $395,000, but is UP 7.1 percent from one year ago.  Median prices across the various Valley areas show mixed results.  Median prices are up 11.7 percent in the Burbank Glendale are, up 9.2 percent in the South Foothills, and down 9.2 percent in the West Foothills as compared to median prices 12 months ago.  Since February is a traditionally slow sales month, it is difficult to draw any conclusion regarding pricing trends.

                                                February 2010                 January 2010                 February 2009  
SFV Median Price                        $375,000                          $395,000                        $350,000
12 month Change                            7.1%

Notices of Default (NODs) in February 2010, at 1237, are DOWN 40.1 percent from February 2009.  This is the third sequential month of declines from the prior year’s numbers.  Since April 2009, NODs have declined an average of 5.2 percent per month. The signs suggest that the turmoil in the housing industry is coming to an end.

                                                February 2010                 January 2010                 February 2009           
SFV NODs                                         1237                               972                                 2065       
12 month Change                           - 40.1%

February foreclosures, at 449, are DOWN 22.3 percent from the February 2009 level.  While December 2009 showed a typical year end upward bump to 660 foreclosures, there has been a downward trend in foreclosures from the Valley’s peak of 919 in June 2009.  This downward trend is consistent with the trend that followed the housing slump that ended in 1997.  The largest foreclosure areas continue to be Pacoima and Olive View, followed closely by Reseda and North Hills.

                                                February 2010                 January 2010                 February 2009           
SFV Foreclosures                            449                                  507                                 578
12 month Change                         - 22.3%
LA County Foreclosures                   2,071                                2,294                              2,659                        
12 month change                           - 22.1%