San Fernando Valley home sales were 66 percent higher than a year ago while the median home price plummeted by 35 percent in the same time period. The month-over-month increase in sales was less dramatic at 6.5 percent, but still positive while the median home price decline of another 5 percent from August showed the patient still needs more recovery time. The September San Fernando Valley Housing Report published by the San Fernando Valley Economic Research Center of the California State University Northridge also noted that foreclosures decreased for the month and there was a sharp drop in notices of default (NODs). The latter was largely ascribed to changes in state regulations extending notification timeframes. Overall, San Fernando Valley foreclosures represented 23 percent of the foreclosures in Los Angeles County.
