Million Dollar Home Sales Plunge

Sales of million-dollar homes in California are down, according to a local  company that collects housing information.
A real estate reporting firm said sales of million-dollar homes in California plunged to their lowest levels in five years in 2008 as housing prices slumped and the mortgage market for upscale homes dried up.
The number of homes that sold for $1 million or more dipped by 42.5 percent last year from 2007, according to San Diego-based MDA DataQuick. The company said there were 24,436 sales of $1 million-plus homes, down from 42,506 a year earlier. It was the lowest figure since 20,595 were sold in 2003 and was far below the 54,773 homes sold in 2005.
Only 1 in 16 homes sold in the state for $1 million or more, compared to one in nine in 2007.

Copyright AP - Associated Press
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