California homes sales continue to plummet

From DQ News:

California April 2007 Home Sales

by Real Estate Analyst John Karevoll
May 16, 2007

A total of 34,949 new and resale houses and condos were sold statewide last month. That's down 12.2 percent from 39,811 for March, and down 28.5 percent from 48,894 for April 2006. Last month's sales made for the slowest April since 1995 when 27,625 homes were sold. April sales from 1988 to 2007 range from the 27,625 in 1995 to 66,938 in 2005. The average is 46,141. On a year-over-year basis, sales have declined the last 19 months.

Indicators of market distress are moving in different directions. Financing with adjustable-rate mortgages is declining significantly. Foreclosure activity is rising but is still within the normal range, except for some inland communities that saw particularly strong activity during the 2004-2005 sales surge. Down payment sizes are stable and flipping rates and non-owner occupied buying activity is down, DataQuick reported.