Whee! Are you strapped in? The rollercoaster ride known as the LA housing market looks like we're definitely on a drop. Sure, the data is confusing. It's up, it's down. It's good. It's bad. Actually, lately its just been bad. All bad. No good news to report. So on to today's downer. First Inman News brings us this headline: Foreclosure auctions soar in Los Angeles in Q2. While foreclosures are on the rise not just in LA but also NY, Miami-Dade and Seattle, we've got the largest jump: "Los Angeles had 3,793 trustee sales during the period, an increase of 54.6 percent from the first quarter of 2007, and a 202 percent increase compared to the first quarter of 2006. The top five ZIP codes in Los Angeles County for trustee sales were in Lancaster and Palmdale." Damn, that sounds bad. But surely we can't be much worse off than the rest of the country, right? Right?!? Not exactly: "Nationally, foreclosure activity was down in June compared to the previous month, but was still well above activity for the same month a year ago, according to foreclosure reporting service RealtyTrac." Oops.
Ok, so foreclosures are up. A lot. What about sales? Looking at sales data just rubs salt in the wounds of the foreclosure news. According to today's SJ Mercury News, sales in SoCal are slipping.
DataQuick, which provides home sale information for a number of markets around the country, released Los Angeles-area numbers for June today, and for San Diego yesterday. Sales volume was off by 50 percent in San Bernardino County last month compared with June 2006 (which was already down from 2005), to mention the most extreme example of the slowdown. Sales in LA County were down about 33 percent.Dataquick is, um, quick to point out that the dropoff is led primarily by the Inland Empire and other "affordable" markets. Ugh, we just want off this crazy coaster. Oh wait, we have a rent stabilized rental. Phew. That's a relief.
·Foreclosure auctions soar in Los Angeles in Q2 [Inman Real Estate News]
·Southern California home sales still slipping [Square Feet]