Prices drop in most Southland ZIP Codes, and the number of sales is the lowest in 15 years for that month.
By Annette Haddad, Los Angeles Times Staff Writer
September 13, 2007
Home prices fell in most Southern California neighborhoods and the number of sales tumbled to a 15-year low for August -- driven down by tougher lending standards, mounting foreclosures and skittish buyers.
Sales for the month plunged 36% from a year earlier. What's more, 71% of the Southland's ZIP Codes showed price declines, according to figures released Wednesday by DataQuick Information Systems. The survey excluded areas with 14 or fewer sales.....
"People just don't have the income to support these prices except with crazy mortgages -- and now the mortgage money is going away, and people are walking away from their homes," Thornberg said.Nearly 9% of the homes sold last month were foreclosure properties, DataQuick reported, up from 2.2% a year earlier.
http://www.latimes.com/business/la-fi-homes13sep13,0,611742,full.story?coll=la-home-center
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