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While our latest recession officially ended June 2009, Valley housing sales continue to remain sluggish.  San Fernando Valley year-over-year home sales are down from year ago levels, three months in a row.  This month’s units sold were down 13.7 percent over a year ago. The 2.2 percent decline in sales from August 2010 to September 2010 is a typical seasonal pattern.  September 2010 sales are well above the 760 sales level of September 2007.  Sales are down over a year ago in all Valley areas except the Southeast Valley.  The largest decline is 23.8 percent in the Northeast Valley. 

                                                September 2010                      August 2010                      September 2009         
SFV Home Sales                              1289                                      1318                                      1493
12 month Change                           -13.7%

The Valley’s September 2010 median price of a single-family, detached home was $404,500.  This is UP 3.7 percent since last Septembers’ median price of $390,000.  Since December 2010 Valley median prices have shown increases over prior year median prices ranging from 1.8 percent to 15.1 percent.  Despite the decline in sales, housing prices are remaining stable.  Median home prices show virtually no change in each of the seven Valley areas we track.

                                                September 2010                      August 2010                      September 2009      
SFV Median Price                          $404,500                               $400,000                                $390,000
12 month Change                              3.7%

Notices of Default (NODs) in September 2010, at 1253, are DOWN 21.7 percent from September 2009.  This is the tenth sequential month of declines from the prior year’s numbers, these declines range from 21 to 52 percent.  NODs peaked in March 2009 at 2539.  As uncertainty remains in our economic recovery, we are watching NODs more closely.  NODs are up about 25 percent over the past two months.  NODs are highest in Pacoima and Granada Hills.
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                                                September 2010                      August 2010                      September 2009         
SFV NODs                                          1253                                    1229                                       1600      
12 month Change                            - 21.7%

September 2010 foreclosures were at 518.  This is DOWN 11.6 percent from the September 2009 level of 586.  Foreclosures peaked at 919 in June 2009.  Valley foreclosures are up 24.8 percent over the past month.  While we continue to expect foreclosures to decline over the next nine months, the large banks’ brief hiatus on foreclosures has muddied the situation. The largest foreclosure areas were Olive View, Pacoima, Panorama City and Reseda. 

                                                September 2010                      August 2010                      September 2009
SFV Foreclosures                             518                                        415                                       586
12 month Change                           -11.6%
LA County Foreclosures                     2,616                                     2,385                                    2.389           
12 month change                              -9.5%