No break on housing

Homes sales continue to skyrocket, many of them foreclosed properties in the Inland areas. Home prices continue to fall, mainly based on foreclosed properties in the Inland areas. The December numbers from Dataquick show little change in the pattern we've seen for any number of months. In L.A., 5,848 homes were sold last month, a 32 percent jump from a year earlier. But the median price fell 31.9 percent from a year earlier, to $320,000. From the press release:

In today's market, the drop in the median overstates the decline in home values. The more affordable inland markets with most of the discounted foreclosures account for a large share of today's sales, while homes in the upper half of the market are not selling well, and are under-represented in the statistics. When jumbo loans of more than $417,000 were readily available in early 2007, they accounted for just under 40 percent of all home purchases. Last month they accounted for 12 percent.

DECEMBER HOME SALES (% change from 2007)

Los Angeles 5,848 (+32.0%)
Orange 2,580 (+49.0%)
Riverside 4,435 (+77.2%)
San Bernardino 2,862 (+88.5%)
San Diego 3,325 (+34.7%)
Ventura 876 (+48.5%)

DECEMBER HOME PRICES (% change from 2007)

Los Angeles $320,000 (-31.9%)
Orange $397,000 (-29.7%)
Riverside $209,000 (-41.1%)
San Bernardino $180,000 (-42.9%)
San Diego $300,000 (-30.2%)
Ventura $338,000 (-35.6%)

Source: MDA DataQuick, DQNews.com