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Cash is King

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While cautioning that January and February homes sales figures are a "bad barometer" for the rest of the year, the news from the number crunchers at Dataquick shows that the housing market in Southern California remained "sluggish" in February. The number of sales dropped 5.9 percent from a year ago in Los Angeles County, while the region's median price of $315,00 remained unchanged. Distressed sales accounted for more than half of all sales in Southern California, while all cash buyers accounted for a record 31.7 percent of February home sales in that area. [DataQuick]