Here's the skinny on the report:
For the Southern California area — which includes Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange Counties — 14,369 homes were sold in February, down from 15,359 a year earlier. Home sales in the region last month reached the lowest level since February 2008, when 10,777 homes were sold.
With builders struggling to compete with existing home sale prices, only 847 new homes sold in February, the second-lowest sales figure on record for the month of February in the region.
Read it allForeclosures nearly dominated the market last month, with DataQuick noting that foreclosure resales made up 37.1% of California's February resale statistics.