Home Sales Rate Down Only 6.7%

The number of homes sold in the San Fernando Valley in 1991--11,231--was down 6.7% from 1990, but the decrease compares favorably to the 30.5% drop from 1989 to 1990, and the annual total was better than 1982 and 1970, years that marked the depths of twin recessionary cycles, according to the San Fernando Valley Board of Realtors.

Based on this, Lorrie Griffey, board president, said, “We’re guardedly optimistic that consumer confidence will return in 1992 . . . we’re already seeing more activity, and the number of escrows closed in December was unusually strong.”