In California, Home Sales Are Plunging Like It Is 2008 All Over Again
Higher mortgage rates and overheated home prices hit Southern California home sales hard in September.
The number of new and existing houses and condominiums sold during the month plummeted nearly 18 percent compared with September 2017, according to CoreLogic. That was the slowest September pace since 2007, when the national housing and mortgage crisis was hitting.
Sales have been falling on an annual basis for much of this year, but this was the biggest annual drop for any month in almost eight years. It was also more than twice the annual drop seen in August.
Ouch!Sales of newly built homes were 47 percent below the September average dating back to 1988, while sales of existing homes were 22 percent below their long-term average.
https://www.cnbc.com/2018/10/30/souther ... ecade.html