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.Any DC folks want to move to sunny Southern California?
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%.
Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
Wednesday, December 17, 2008
Southern California real estate prices continue to plunge
From BusinessWeek:
DC area's still significantly cheaper than SoCal.
ReplyDeleteYou'd gotta be gobshite to want to move here now.
Seriously.
Sunny California never looked so good to this cold Canadian realtor.
ReplyDeleteSharon Hollas - Langley Real Estate
How long we are going to face this real estateproblem? This is really a horrible situation.
ReplyDelete