Southern California suffers its worst housing slump in over a decade

Southern California suffers its worst housing slump in over a decade

Higher mortgage rates and overheated home prices hit Southern California home sales hard in September.

The number of new and existing houses and condominiums sold during the month plummeted nearly 18 percent compared with September 2017, according to CoreLogic. That was the slowest September pace since 2007, when the national housing and mortgage crisis was hitting. Sales have been falling on an annual basis for much of this year, but this was the biggest annual drop for any month in almost eight years. It was also more than twice the annual drop seen in August.

The article is written by Diana Olick for CNBC. You can read the full article here.

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Sheila Abai is a senior mortgage consultant at PNC Bank. She utilizes her 20+ years of finance and mortgage experience to identify the best mortgage and refinancing solutions for her clients. Sheila can be contacted via email at Sheila.Abai@PNC.com or via telephone at 310-666-5959.

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