Roger Showley of the Union-Tribune reported this week on the month-to-month decline in home sales from July to August in Southern California. August of ’09 was still up by 11% over August of ’08.
Right now inventory on the low end has thinned out, but as the article states, there is a LOT of distress in the pipeline. FHA loans have (thankfully) replaced ARMs in the market place. Jumbo loans were 15.6 percent of home-purchase financing, up over six percent from their lows in January. That’s GOOD news in the luxury market, but there’s still a lot of pain out there in the high end.