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 October 21, 2008

Southern California Home Sales Jump in September
Home sales in Southern California rose by more than sixty-five percent in September compared to the previous year when lenders began to tighten their grip on accessible loans. In addition, home sales, in August, also rose a bit from the previous month due to falling prices.
Sales were also higher than they have been since the last month of 2006, with foreclosures making up for half of all sales. On the downside, it was one of the worst September's we have had in over a decade.

In August of last year Jumbo Loans for luxury real estate became much harder to get, not to mention more costly. Sales in September of 2007 came to a halt and the only good news is the giant leap in sales that came last month. Also, the subprime crisis was beginning to gain momentum, which also took many first time buyers out of the game.

San Diego home prices are continuing to fall in some areas, mostly inland.