Southern California home sales dive as buyers exit (lowest in more than 20 years)

Source: Reuters

SAN FRANCISCO, Jan 15 (Reuters) - Home sales in Southern California sank to their lowest in nearly two decades in December as buyers were sidelined or dropped out of the market because they could not obtain mortgages, according to a report released on Tuesday.

A total of 13,240 new and resale houses and condominiums were sold in Southern California last month, up 0.5 percent from November and down 45.3 percent from a year earlier, according to the DataQuick Information Systems report.

"Last month's sales were by far the lowest for any December in DataQuick's statistics, which go back to 1988," the real estate information service firm said of its findings for California's most populous region, which it defines as Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura counties.

"The sales count was 23.5 percent below the previous December low of 17,272 in 1990," the report by La Jolla, California-based DataQuick added.

Read more: http://www.reuters.com/article/bondsNews/idUSN1553353920080115

I moved to Santa Barbara County for a job and am now renting and paying a mortgage. That's what we get when we are so short sited and want instant gratification. The housing problem is a result of buyers, lenders and sellers wanting it all now.

so I can move into LA county, right now I live in the East Riverside co. Home sales here are down a bit, but I own my house, so we're ok. Prices in the LA areas are /have been exorbitant. The summers here near Palm Springs are tough to get used to!

Reagan and Bush I. All these bad numbers coming out now that are as bad as since Reagan/Bush. What a friggin' coincidence. Republicans fucking things up.

No wonder Republicans don't expect to win in November. They're on everyone's last nerve.

when I saw the thread title.Yep, just what I thought.......

home sales will be coming to a halt soon....then let s how much those tax cuts help!!!