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The San Fernando Valley housing market is limping into 2011.  San Fernando Valley year-over-year home sales are down again from year ago levels, eight months in a row.  February’s units sold were 973 units.  This is down 19.0 percent over a year ago.  February 2011 sales are at the lowest level we have observed since January/February 2009 when sales were at 982 and 947 units.  Sales in February 2011 were down 10.5 percent from the January 2011 level of 1087.  The sales drop from January is consistent with seasonal trends.  Since 2000, average monthly sales decline from January to February has been 3.9 percent.  The sluggish housing market reflects our sluggish economic recovery and persistent high unemployment.

                                                February 2011                     January 2011                     February 2010      
SFV Home Sales                              973                                     1087                                    1122
12 month Change                           -13.3%

The Valley’s February 2011 median price of a single-family, detached home was $378,000.  This is up 0.8 percent since last Februarys’ median price of $370,000.  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.  Median home prices are down slightly in five of the seven Valley areas that we track. Median prices are up slightly in the Northeast and Southeast Valley.  The slight rise in Valley median prices is driven by greater sales in the Northeast Valley.

                                                February 2011                     January 2011                     February 2010    
SFV Median Price                         $378,000                             $370,000                             $375,000
12 month Change                            +0.8%

Notices of Default (NODs) in February 2011, at 930, are DOWN 24.6 percent from February 2010.    NODs peaked in March 2009 at 2539.  NODs have hovered around 1,000 for the past year.  This persistent level of NODs reflects our ongoing unemployment problem and the slow nature of our economic recovery.   NODs continue to remain highest in Pacoima and Olive View.
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                                                February 2011                     January 2011                     February 2010   
SFV NODs                                         930                                     999                                    1234     
12 month Change                           -24.6%

February 2011 foreclosures were at 409.  This is DOWN 9.1 percent from the February 2010 level of 450.  Foreclosures peaked at 919 in June 2009.  This is the ninth sequential month of declines over prior year foreclosures.  This decline in foreclosures is consistent with the winding down from a similar drop in housing prices in the early 1990s.  We continue to expect foreclosures to trend downward into the middle of 2011.  Foreclosures continue to be highest in Olive View.

                                                February 2011                     January 2011                     February 2010
SFV Foreclosures                             409                                     424                                      450
12 month Change                          - 9.1%
LA County Foreclosures                    2,006                                  2,204                                    2,075           
12 month change                            - 3.3%