Housing Market Declining Rapidly

[WNYerinSOCAL]

All I know is the market in my area is extremely slow. Not many lookers and for the 1st time in a long time Open houses don't even bring in viewers. I am hoping it picks up with the interest rates stablizing and talk of it going down maybe.

[fritzjanine]

I was told by my realtor that our area wasn't affected by the recent market trends since homes here are way less than most of California. Hmm,turns out not to be the case. My home is priced well, yet in the past few weeks since we've listed, we haven't even had one person look at it! Thank god we aren't in a situation where we Have to move, we just want to, so we have the time to wait it out. Hopefully, things will turn around,soon.

[socal06]

Yes, real estate prices may be going down, but not drastically. My house is valued around $900k if it loses -2.7 percent it might be around 800 something. big deal. yes home prices will go down but you will never see my house below $500k just because -- its located in California.

[Need_affordable_home]

Originally Posted by socal06

Yes, real estate prices may be going down, but not drastically. My house is valued around $900k if it loses -2.7 percent it might be around 800 something. big deal. yes home prices will go down but you will never see my house below $500k just because -- its located in California.

Thats not much of a drop. Even a 10% drop would make your $900k house worth $810k plus more loss when adjusted for inflation. Still alot of value. In south Florida, the drop could be 30% as they forcasted. Still wouldnt be affordable for me but for some, it might become.

[Charles]

Median home prices drop below 1989 levels in some parts of Southland - Los Angeles Times

[timelesschild]

Yeah, they're falling in SOME parts...I wish they would hurry up and fall in OTHER parts as well.

Actually, I see housing prices around me are much lower than last year. Pasadena is $100-200k cheaper than it was last year. So are West Covina and Whittier. Alhambra is $100k lower than last year - so is NELA. I would like to see a little more drop though.

Even Lancaster, though ... $65,000 for a house ... amazing. Those prices are astonishingly low. Has industry dried up in the Antelope Valley altogether, or what is driving this phenomenon?

[SOON2BNSURPRISE]

I am sitting on the fence waiting for the next two waves of forclosures to hit. In Oxnard it isn't down to 1989 prices yet as it said in the article. We have some room to go. It is much lower than it was just 2 or 3 years ago. I am seeing homes that once sold for the $550,000 and $600,000 range going for $270,000. A couple friends bought into the Victoria Estates tract, a gated community, and have watched as prices went from $1,250,000 to $600,000.