“A total of 13,240…were sold in Southern California last month, up 0.5 percent from November and down 45.3 percent from a year earlier…”
Wow. No spinning this one. Month to month = useless, YOY = devastating.
“Last month’s sales were by far the lowest for any December in DataQuick’s statistics, which go back to 1988,”
“The sales count was 23.5 percent below the previous December low of 17,272 in 1990,”.
This correction is shaping up to dwarf the 90’s correction, as it should.
Prices have fallen 15.8 percent from the peak during the spring and summer.
Can’t wait to hear the NAR’s take on this one. Possible excuses include:
– The credit crisis is preventing anyone from buying
– The unseasonably cold storm last week sent people to the mountains instead of home shopping
– It’s playoff season
– Fires in the SoCal area have made buyers apprehensive
– The election issues have distracted people’s attention
