Home prices are back to 1989 levels in some parts of Southern California
California Housing Crash, The Economy, Real Estate June 10th, 2009
Interesting article on the LA Times web site:
n parts of Southern California, the housing crash has upended a basic tenet of the American dream: that home values always increase over the long term.
Properties in several areas are selling for less than they did 20 years ago, and that’s not even counting the effects of inflation.
Home prices across most of Southern California have not fallen nearly as far. The median price in the six-county area was $247,000 in April, about what it was in 2002.
But in 14 Southland ZIP Codes, mainly desert communities in the Antelope Valley and Inland Empire, median prices have fallen below levels recorded in April 1989, according to MDA DataQuick, a San Diego real estate information service.
June 12th, 2009 at 2:49 am
Yeah, but who but dust farmers and Walmart greeters wants to live in backwater desert hellholes like Antelope Valley and the Inland Empire? Prices in the L.A. Basin are not budging one whit from their ludicrous 2005 highs.
June 13th, 2009 at 3:13 am
ARE YOU CRAZY . ON AVERAGE PRICES HAVE DROPPED 35% OR MORE IN THE GREATER LA AREA . AND ITS JUST GETTING STARTED . IM NOT SURE WHERE YOU ARE GETTING YOUR DATA BUT YOU MAY WANT TO REEVALUATE!!! THE NEXT WAVE IS JUST STARTING . IT AFFECTS THE PRIME LOANS , ALT A , OPTION ARM , ETC , HIGHER PRICED HOMES ! PRICES WILL CONTINUE TO DROP FOR AT LEAST ANOTHER TWO YEARS .WE ARE ONLY HALF WAY THROUGH THIS MESS ! THERE IS AN ESTIMATED 6 MILLION + HOMES THAT WILL BE FORECLOSE ON IN THE NEXT 3+ YEARS BECAUSE OF RESETS. AND WITH UNEMPLOYMENT INCREASING ,GAS PRICES CLIMBING ,INTREST RATES CLIMBING ,BANK TIGHTENING THEIR LENDING STNADARDS , , EQUITY LOSS = NO REFI FOR THE OWNERS AS WELL AS NO LOAN MODDIFICATION WHICH REALLY DOESNT MATTER BECAUSE MOST WILL NOT QUALIFY FOR OTHER REASONS ! AND LETS NOT FORGET COMMERCIAL LOSSES THAT WILL HIT SOON! OH YES ALMOST FORGOT ,, HIGHEST CREDIT CARD DEFAULTS!!!! I CAN GO ON ! THE BANKS WILL EXPERIENCE MAJOR LOSS ! TIME FOR MORE BAIL OUTS !