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Old 09-28-2010, 05:32 PM
 
Location: California
37,077 posts, read 42,043,953 times
Reputation: 34889

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Quote:
Bay Area on the list, again and again.
Top 10 most expensive real estate markets in the US: Bay Area on the list, again and again : On The Block - Real Estate
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Old 09-28-2010, 05:39 PM
 
Location: Everywhere and Nowhere
14,129 posts, read 31,160,473 times
Reputation: 6920
This is news?
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Old 09-28-2010, 05:42 PM
 
Location: California
37,077 posts, read 42,043,953 times
Reputation: 34889
Quote:
Originally Posted by CAVA1990 View Post
This is news?
Now don't be sassy...
It is news to some, who think that the bottom has completely fallen out of CA.

You an either feel good that it's still a desirable place to live that commands a price, or fear that the market could fall a lot further. Your choice
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Old 09-28-2010, 07:02 PM
 
Location: Bella Vista, Ark
77,772 posts, read 104,313,949 times
Reputation: 49248
what happened to the slumping market? I know property prices really have gone down, but they are still nutty in California.

Nita
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Old 09-28-2010, 08:22 PM
 
Location: Everywhere and Nowhere
14,129 posts, read 31,160,473 times
Reputation: 6920
Prices are a function of the incomes of buyers and interest rates. Rates are at historic lows and there are still plenty of buyers with solid incomes. The recession has hit the renting underclass a lot harder than the professional/technical occupations that predominate the homebuyer segment.
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Old 09-28-2010, 11:28 PM
 
Location: Los Angeles
749 posts, read 1,857,415 times
Reputation: 431
Quote:
Originally Posted by nmnita View Post
what happened to the slumping market? I know property prices really have gone down, but they are still nutty in California.

Nita
The market in So. Calif. peaked in roughly mid-2007 with a median price of $505,000 and the bottom was reached in April 2009 when the median price hit $247,000. That is a 50% decline.

As of July 2010 the median price had climbed back to $295,000.

The data are from DataQuick which includes both NEW and EXISTING home sales (and I believe includes both CONDOS & SFRs).

Southland home sale report

So. Calif. = LA, Orange, Ventura, San Diego, Riverside, and San Bernardino Counties.

Obviously, some areas (counties) have been hit harder than others with the coastal areas (counties) seeing less damage and the inland areas (counties) getting hit harder. But the above numbers give a rough snapshot of So.Calif.
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