Tuesday, October 21, 2008
foreclosure sales accounted for half of all resales
Southern California home sales surged 65 percent in September compared to the same period a year ago as foreclosure sales accounted for half of all resales, according to a new report from DataQuick. A total of 20,497 new and resale homes and condos sold in six Southland counties last month, up 5.8 percent from the 19,366 sold in August and 64.6 percent more than the 12,455 sold in September 2007. The year-over-year increase is the largest on record for any month since DataQuick began collecting data back in 1988. While last month’s home sales were the highest of any month since December 2006, it was still the second-lowest September total since 1996 with sales 17 percent below the 20-year sales average for the month.