HOME SALES PLUNGE IN SEPTEMBER

Home sales plunged nearly 50% from September 2006 to September 2007, and 30% from August to September 2007. The brakes have been put on the market, as we have been noting in the subdivision land market. This was the lowest level of sales in more than 20 years according to Dataquick, a real estate tracking service and the lowest since Dataquick began tracking in 1988.

The median price dropped 7.6% from August to September 2007 and more than 4% from September 2006. On the bright side, Los Angeles County showed a median price increase of 1.2%, while Orange County was down 9.5%, Riverside County was down 10.8%, and San Bernardino was down 11%, San Diego was down 3.1%, and Ventura County was down 7.9%.