Feb
19
Home sales transactions, lowest in 20 years
February 19, 2008 |
Southern California home sales dipped below 10,000 transactions for the first time in more than 20 years. This chart below has the stats from 1988 through 2008.
“We don’t know how much of this downturn is driven by market fundamentals, and how much is due to turmoil in the lending industry. The market has been sending mixed signals since August, and it’s virtually impossible to see trends and make predictions. Our sense is that quite a bit of activity is on hold, we just don’t know how long it can be kept on hold,” said Marshall Prentice, DataQuick president.
Indicators of market distress continue to move in different directions. Foreclosure activity is at record levels, financing with adjustable-rate mortgages or with multiple mortgages has dropped sharply. Down payment sizes and flipping rates are stable, non-owner occupied buying activity is flat, DataQuick reported.
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