Inland home sales fall sharply in July
The Press-Enterprise
By Leslie Berkman
Southern California last month saw its biggest year-over-year drop in home sales in more than two years, with the severest declines in San Bernardino and Riverside counties, reflecting the end of a home buying fever stoked by deferral incentives...
...Real estate analysts said while the April deadline for home sales to qualify for the federal tax credit of up to $8,000 was probably the reason for most of the sharp drop in year-over-year sales in July, other contributing factors included a gloomy job picture that has eroded consumer confidence and tighter mortgage lending criteria.
"The number of people out of work for more than 99 weeks is higher than we have seen since the Great Depression and that puts a drag on everyone's attitude...and for good reason," said Richard Green, director of the USC Lusk Center for Real Estate...