Tuesday, November 25, 2008

Back on Market for San Fernando Valley October 2008

Graph of Total Sales, Total Back On Market (BOM) and monthly Pendings:
Back on market as percentage of current pendings and previous months pendings:

Back on market as a percentage of the average of the previous 3 months pendings average:
Total Back on market came in at 439, down 1 from 440 the month before and up 219 from 220 the year before.

Pendings for October 2008 came in at 1180, down 120 from 1305 the month before and up 574 from 606 the year before. Fallout is still very high and if pendings slow down even a little we will see a dramatic drop off in sales.

2 comments:

Noz said...

According to the Daily News of Los Angeles, there is an article for today's paper (11/26) stating "Valley Housing Market Stronger."

According to the article, "Sales soar as foreclosures drop again dramatically."

If this isn't nonsense then I don't know what is.

Also, according to Daniel Blake, the San Fernando Valley Economic Research Center of California, "We seeing the bottom."

Hmm...5 years of ramp ups and 1 year of reduced prices and we see the bottom?

You can find it here.

http://dailynews.mycapture.com/mycapture/enlarge.asp?image=21400340&event=349321&CategoryID=0

Effective Demand said...

There is something about this time of year that brings the bottom callers out. This year it is the REO induced rise in sales as a sign of "strength" in the market.

There is one piece of good news in the drop in price and increase in sales.. that is there is at least some recognition of the problem. Up to 14-15 months ago that recognition just wasn't there en masse and a lot more denial existed. We have hit a sales bottom but a price bottom is obviously far off in the distance.