Housing: So. Cal. Home Sales Surge In April on Foreclosure Sales; Still Down Y/Y

Home sales in Southern California jumped 22% sequentially in April from March (15,615 vs. 12,808), but still dropped 19% y/y. Foreclosure sales boosted the numbers. The jump in velocity suggests the market may be starting to clear in some areas, but there was no evidence of a sales bounce in the mid-priced or higher-end markets.

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