Maggie Moore's – Short Sale Scene

C.A.R. Pending Home Sales Index dropped as expected between November and December, tracking the annual seasonal slowdown.  However, the index was higher than a year ago for the eighth straight month, a trend that bodes well for the start of the spring home-buying season.

C.A.R.’s Pending Home Sales Index (PHSI) fell from a revised 108.7 in November to 91.6 in December, based on signed contracts.  The index was up from the revised 82.5 recorded in December 2010, marking the eighth consecutive month that pending sales rose from the previous year.  The decline follows a normal seasonal drop that usually occurs in November and December.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

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The Orange County Register
California house prices had the seventh-biggest price drop among U.S. states in November, falling 5.9 percent from year-ago levels, according to data firm CoreLogic
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http://lansner.ocregister.com/2012/01/10/156906/156906/

The Los Angeles Times

Americans’ confidence in the economy in November bounced back to its highest level since July, the latest sign that consumers are beginning to feel more cheerful about spending during the holiday shopping season.

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http://www.latimes.com/business/la-fi-economy-20111129,0,905798.story