Wednesday, December 17, 2008

Southern California real estate prices continue to plunge

From BusinessWeek:
According to research firm MDA DataQuick, the median home price fell a record breaking 35% in November versus the same month in 2007. The median price paid for all homes combined last month was $285,000, down 5% from October. Last month’s median was the lowest since it was $298,000 in April 2003, which was the last time the median was below $300,000. November’s median stood 43.6 percent below the peak $505,000 median reached in spring and summer of last year.

The median price has eroded consistently over the past 16 months as price depreciation swept the region, discounted foreclosures ballooned in inland markets and sales stagnated in higher-end neighborhoods. The latter have suffered from, among other things, a difficult financing environment for large mortgages....

Foreclosures have accounted for about half of all Southland resales during the past three months. In November, they reached 55%.
Any DC folks want to move to sunny Southern California?


  1. DC area's still significantly cheaper than SoCal.

    You'd gotta be gobshite to want to move here now.


  2. They tax the hell out of income (8.75) and sales (8.5) in california, primarily to make up for a effective 0.5% tax on property thanks to prop 9 or whatever is was. If they could just tax 1% of the full property value they could cut both those other taxes to about 5%, inline with other states, which would help them avoid all the tax avoidance and fleeing problems they have out there.

  3. It is always essential to speak with an independent financial advisor when looking to refinance your home. This is especially true if you have Large mortgages which need to be looked at in considerable detail, especially if for consolidation purposes.

  4. Sunny California never looked so good to this cold Canadian realtor.

    Sharon Hollas - Langley Real Estate

  5. How long we are going to face this real estateproblem? This is really a horrible situation.