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LA County Homes Now Selling For Early 2005 Prices

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Highlights from yesterday's Data Quick's November sales info via the LA Times:
--Home sale price dropped 10 percent in Nov. compared with Nov. 2006.
--Sales volume dropped 43 percent from Nov 2006.
--Homes now selling for what they were in early 2005.
--What the brokers are saying. Cerritos' Ken Law: "I tell sellers they need to price their homes 10% less than previous comparable sales. They don't want to hear it."
--What the renters are saying. J. Nathaniel Berke: "I do not want to be happy about somebody else's misfortune," said Berke, 41, but "this is a correction. Houses are getting closer to what they should be selling for."
--But there's this: November sales were 2 percent higher than October. Which means? There's a possibility that we've hit bottom, according to DataQuick President Marshall Prentice, cautioning we might not have, too.
· Home sales in Southland plunge 43% [LA Times]
· Southland prices fall again; sales perk up [Data Quick]