Southland Home Sales Plummet
by Real Estate Analyst John Karevoll-->November 14, 2007

La Jolla,CA----Southern California home sales remained at their lowest level in more than 20 years last month, the result of market uncertainty and a continued drop in "jumbo" mortgage financing. Prices have dropped back to spring 2005 levels, a real estate information service reported.

A total of 12,999 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in October. That was up 4.4 percent from 12,455 for the previous month, and down 45.3 percent from 23,745 for October last year, according to DataQuick Information Systems.

Last month's sales were the slowest for any October in DataQuick's statistics, which go back to 1988. The previous low was in October 1992 when 16,887 homes sold. The October sales average over the past 20 years is 24,725.

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