Slow economy, drop in homes sales

A dismal job market and a lost sense of urgency among buyers sent San Fernando Valley home sales tumbling in August, although prices managed to gain a little traction in climbing out of the doldrums, figures released Tuesday show.Gregory J. Wilcox in the Daily News.

The overlapping reports from the Southland Association of Realtors and the Valley Economic Research Center at California State University, Northridge, showed an abrupt sales slump following the expiration of a popular federal homebuyers' tax credit.

The CSUN center, which tracks the market between Glendale and Calabasas, said sales fell 16 percent, from 1,478 in August 2009 to 1,245 last month. Sales were also down 11 percent from 1,402 in July.