Tuesday, July 01, 2008

Southern California Real Estate Prices

Click on the images to see the full-sized graphs of housing prices in Los Angeles, Riverside-San Bernardino, and San Diego, California.



Source.

Do we have any readers from Southern California who can give us their thoughts?
Posted by at 8:42 AM
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5 comments:

  1. AnonymousJuly 01, 2008 9:35 AM

    I hear that prices are highly localized. By BIL is down in south bay & he says things are pretty even keel. Meanwhile, way out in the inland empire prices are cratering.

    Guess it goes back to Realitard's rule #1, location, location, location!

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  2. UnknownJuly 01, 2008 12:14 PM

    yup. here in OC prices just arent down to affordable levels yet: a buyer making the median income must put down over 50% if they get a 30yr fixed @ 6% and their piti is <33% of their gross.
    and interest rates are going up.

    it still has a much longer trip down. the AltA's blowing up will help

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  3. AnonymousJuly 01, 2008 3:09 PM

    Notice the bell shaped curves about each peak, with time from peak-to-bottom nearly the same on the way up and down.

    I took abut 8 years for this bubble to peak on 2006...so I am guessing the bottom will occur in 2014...

    the souring economy only makes this scenario appear more likely

    wow

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  4. AnonymousJuly 04, 2008 12:19 PM

    I've lived in Nor Cal as well as So Cal and it's the same everywhere. My cousins in who work in the housing market (2 inspectors, 1 loan officer) are all hurting, and my family members who owned "average homes" have seen the value drop just as your article on the 30th stated, by close to 200k.

    Everybody is starting to bail, and many people feel completely trapped. Ironically, this is leading to a lot of people resorting to renting instead of selling their homes, trying to wait out the storm so to speak.

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  5. AnonymousJuly 04, 2008 1:41 PM

    Markets are very localized. Here in SD county, the most undesirable areas have lost about 60% of their peak value, and may be near the bottom. Investors are stepping in to buy up the REOs. The somewhat better areas are at about 30% loss - but still overpriced. The best areas have hardly even budged yet, but are believed to do so soon, as the Alt-A mess comes home to roost.

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