Here is the preliminary numbers for the San Fernando Valley for December 2008. Short sales and foreclosures are almost 70% of closed sales matching a similiar trend we saw in Ventura County in December. Closed short sales and foreclosures are at high for the year. So while we may hear about "strong" December sales it is only because distressed percentage of sales is very high. If any sort of program comes out that reduces distressed inventory and slows price declines it will have a dramatic effect on slowing sales.
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