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Even though the economy is officially in recovery, Valley housing sales continue to remain sluggish.  San Fernando Valley year-over-year home sales are down from year ago levels, four months in a row.  This month’s units sold were down 30.4 percent over a year ago and are down 18.1 percent from the September level of 1345.  Sales do decline in the fall.  However, the 18.1 percent decline this past month is significantly greater than any September to October decline since we started collecting monthly data in 1990.  October 2010 sales are well above the 738 sales level of October 2007.  Sales are down from a year ago in all Valley areas, ranging from 22 percent to 34 percent.  Valley sales declines are consistent with national trends.

                                                October 2010                    September 2010                    October 2009 
SFV Home Sales                             1101                                   1345                                      1582
12 month Change                          - 30.4%

The Valley’s October 2010 median price of a single-family, detached home was $390,000.  This is UP 1.3 percent since last Octobers’ median price of $385,000.  Since December 2010, Valley median prices have shown increases over prior year median prices ranging from 1.3 percent to 15.1 percent.  Despite the decline in sales, housing prices are remaining stable.  Median home prices show no significant movement in any of the seven Valley areas we track.

                                                October 2010                    September 2010                    October 2009        
SFV Median Price                        $390,000                              $402,000                             $385,000
12 month Change                            1.3%

Notices of Default (NODs) in October 2010, at 1019, are DOWN 31.8 percent from October 2009.  This is the eleventh 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.  While NODs are down substantially from the 2009 highs, NODs continue at a high level.  NODs are highest in Reseda and Olive View.
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                                                October 2010                    September 2010                    October 2009     
SFV NODs                                       1019                                    1253                                     1494      
12 month Change                         - 31.8%

October 2010 foreclosures were at 419.  This is DOWN 25.3 percent from the October 2009 level of 561.  Foreclosures peaked at 919 in June 2009.  Valley foreclosures are down 19.1 percent over the past month.  While this decline in foreclosures might be the result of the brief October foreclosure hiatus, the decline is consistent with what we expected prior to the hiatus. We continue to expect foreclosures to decline into the middle of 2011.

                                                October 2010                    September 2010                    October 2009
SFV Foreclosures                            419                                      518                                      561
12 month Change                         - 25.3%
LA County Foreclosures                    2,091                                  2,620                                    2,784           
12 month change                            - 24.9%