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The San Fernando Valley is coming to the end on the year with a sluggish housing market.  San Fernando Valley year-over-year home sales are down again from year ago levels, five months in a row.  This month’s units sold were down 16.6 percent over a year ago and are down 4.0 percent from the October level of 1182.  Sales do decline in the fall and November is traditionally a slow sales month.  If seasonal trends hold, we should see a sales increase in December.   On a positive note, the monthly sales drop from October to November is smaller than the usual decline.  Typically, sales decline from October to November in the 10 to 15 percent range.   November 2010 sales are well above the 784 sales in November 2007 and the 1078 sales in November 2008. Valley sales declines are consistent with national trends.
                                                November 2010                   October 2010                   November 2009         
SFV Home Sales                               1135                                   1182                                 1361
12 month Change                             -16.6%

The Valley’s November 2010 median price of a single-family, detached home was $400,000.  This is UP 2.8 percent since last Novembers’ median price of $389,000.  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.  Since June 2009, Valley median prices have fluctuated between $375,000 and $405,000.

                                                November 2010                   October 2010                   November 2009 
SFV Median Price                          $400,000                            $395,000                            $389,000
12 month Change                               2.8%

Notices of Default (NODs) in November 2010, at 995, are DOWN 15.5 percent from November 2009.  This is the twelfth sequential month of declines from the prior year’s numbers.  NODs peaked in March 2009 at 2539.  NODs are highest in Pacoima and Olive View.
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                                                November 2010                   October 2010                   November 2009 
SFV NODs                                         995                                    1019                                  1177      
12 month Change                           -15.5%

November 2010 foreclosures were at 337.  This is DOWN 34.9 percent from the November 2009 level of 518.  Foreclosures peaked at 919 in June 2009.  Valley foreclosures are down 22.2 percent over the past month.  Some of the November decline may be the result of concerns over foreclosure processing as financial institutions move to modify their operations.  However, the foreclosure decline was in the range we expected and we continue to expect foreclosures to decline into the middle of 2011.

                                                November 2010                   October 2010                   November 2009
SFV Foreclosures                             337                                      433                                   518
12 month Change                           -34.9%
LA County Foreclosures                    1,712                                   2,152                                  2,777           
12 month change                             -38.4%