Department Name

SAN FERNANDO VALLEY HOUSING REPORT FOR FBRUARY 2012
San Fernando Valley Economic Research Center
CALIFORNIA STATE UNIVERSITY, NORTHRIDGE
William W. Roberts, Ph. D., Director 818-677-4582

February is generally a slow month for home sales and usually do not pick up until we approach summer.  February 2012 Valley home sales were UP 3.7 percent from a year ago.  Sales changes are not uniform throughout the Valley.  We observed a 22 percent increase in sales over last those last February in the Northwest Valley and a 22 percent decline in sales in the West Foothills.  Sales in the West Foothills are down to the levels we observed in early 2009.   We are slowly seeing an economic recovery.  However, we will not be observing significant recovery in the housing market until later this year.

                                                     February 2012                       January 2012                       February 2011        
SFV Home Sales                                  1077                                    1111                                    1039
12 month Change                                  3.7%

The Valley’s February 2012 median price of a single-family, detached home was $352,000.  This is DOWN 7.4 percent from the median price of $380,000 in February 2011.  Valley median home prices are now back to the level we observed in early 2009.  Since January 2009, median housing prices gradually rose to a high of $405,000 in July 2010.  As the Federal stimulus tapered off, housing prices started a gradual decline to our current level.  We have seen little price movement over the past six months.  Median Valley home prices range from a high of $715,000 in the South Foothills to a low of $250,000 in the Northeast Valley.

                                                    February 2012                       January 2012                       February 2011          
SFV Median Price                            $352,000                               $350,000                              $380,000
12 month Change                                - 7.4%

Notices of Default (NODs) in February 2012, at 728, are DOWN 21.7 percent from the February 2011 level of 930.  NODs peaked in March 2009 at 2539.  The declining level of NODs is good evidence of a continuing, slow economic recovery.  NODs have now fallen back to the levels we observed just prior to the start of the housing market decline in early 2007.

                                                    February 2012                       January 2012                       February 2011        
SFV NODs                                           728                                       781                                   930
12 month Change                               - 21.7%

February 2012 saw 304 foreclosures. This is DOWN 25.7 percent from the February 2011 level of 409.  Foreclosures hit 922 in August 2008 and 919 in June 2009.   Foreclosures continue the gradual decline that started over two years ago.  Foreclosures are highest in Olive View and Reseda.

                                                    February 2012                       January 2012                       February 2011
SFV Foreclosures                                 304                                       319                                     409
12 month Change                               -25.7%

LA County Foreclosures                      1,565                                     1,563                                  2,009         
12 month change                               -22.1%