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Old 10-28-2008, 10:13 AM
 
196 posts, read 914,236 times
Reputation: 122

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For August every city but two experienced a decline in prices.....

Cleveland and Boston were the only cities to see price rises for that month. Cleveland rose 1.1% and Boston 0.1%...

For the year-on data every major city has experienced declines.

The Top 5 Cities For year-On Price Declines Are:

1. Dallas -2.7%
2. Charlotte -2.8%
3. Boston -4.7%
4. Denver -5.%
5. Cleveland -6.6%

The Bottom 5 For Year-On Price Declines:

1. Phoenix -30.7%
2. Las Vegas -30.6%
3. Miami -28.1%
4. San Francisco -27.3%
5. Los Angeles -26.7%

Case-Shiller: Another record plunge in home prices - Oct. 28, 2008
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Old 10-28-2008, 11:06 AM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,344 posts, read 55,140,686 times
Reputation: 15414
Quote:
Originally Posted by BubbyBu View Post
For August every city but two experienced a decline in prices.....

Cleveland and Boston were the only cities to see price rises for that month. Cleveland rose 1.1% and Boston 0.1%...

For the year-on data every major city has experienced declines.

The Top 5 Cities For year-On Price Declines Are:

1. Dallas -2.7%
2. Charlotte -2.8%
3. Boston -4.7%
4. Denver -5.%
5. Cleveland -6.6%

The Bottom 5 For Year-On Price Declines:

1. Phoenix -30.7%
2. Las Vegas -30.6%
3. Miami -28.1%
4. San Francisco -27.3%
5. Los Angeles -26.7%

Case-Shiller: Another record plunge in home prices - Oct. 28, 2008
The Bay Area's Median Home Price has fallen from $880,000 to $650,000. Still a bit more expensive than any other Metro Area but now more affordable.

Which explains home sales soaring 45% over last year here, up 100% in Sacramento and The Inland Empire and up 60% in LA-OC.
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Old 10-28-2008, 11:10 AM
 
196 posts, read 914,236 times
Reputation: 122
now is the time to buy in Frisco....if you can afford it and are able to obtain a loan....
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Old 10-28-2008, 12:06 PM
 
Location: SF Bay Area
15,461 posts, read 25,405,649 times
Reputation: 8936
Quote:
Originally Posted by 18Montclair View Post
The Bay Area's Median Home Price has fallen from $880,000 to $650,000. Still a bit more expensive than any other Metro Area but now more affordable.

Which explains home sales soaring 45% over last year here, up 100% in Sacramento and The Inland Empire and up 60% in LA-OC.
Where do you get those numbers from?

I read the median was now $400k compared to a peak of $665k.

DQ Custom ReportsLatest ReleaseD

With the run up in home prices$400k seems reasonable now even though it's still to high IMO given what people can't afford based off of incomes.
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Old 10-28-2008, 01:29 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,344 posts, read 55,140,686 times
Reputation: 15414
sav858, the median home price in the San Francisco Bay Area according to the California Association of Realtors is $619,000. Sales are up 60% in the Bay Area and San Diego, up 107% in Sacramento, up 127% in the High Desert, up 143% in The Inland Empire, up 146% in Monterey.
August 2008 Sales and Price Report (http://www.car.org/newsstand/newsreleases/2008newsreleases/augustsalespricereport/ - broken link)

LA, OC and Ventura are actually seeing a much smaller rise. I wonder why?
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Old 10-28-2008, 01:53 PM
 
Location: Greater PDX
1,018 posts, read 3,726,181 times
Reputation: 941
The home crunch is just getting started. Only buy now if you are wanting to live there for a few years and can stomach watching your value plummet before it rises again.
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Old 10-28-2008, 01:54 PM
 
Location: SF Bay Area
15,461 posts, read 25,405,649 times
Reputation: 8936
Quote:
Originally Posted by 18Montclair View Post
sav858, the median home price in the San Francisco Bay Area according to the California Association of Realtors is $619,000. Sales are up 60% in the Bay Area and San Diego, up 107% in Sacramento, up 127% in the High Desert, up 143% in The Inland Empire, up 146% in Monterey.
August 2008 Sales and Price Report (http://www.car.org/newsstand/newsreleases/2008newsreleases/augustsalespricereport/ - broken link)

LA, OC and Ventura are actually seeing a much smaller rise. I wonder why?
That's the median priced for detached-single family homes only, which would explain the difference from the numbers I was looking at since it included condos as well.

That chart also says the Bay Area is only up about 10%, not 60%.

It's nice to see prices coming back down to realistic and more reasonable levels though. I was surprised by how much Monterey has dropped, over 50%. I never understood how that place could be so expensive considering the lack of high paying jobs.
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Old 10-28-2008, 03:19 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,344 posts, read 55,140,686 times
Reputation: 15414
Quote:
Originally Posted by sav858 View Post
That's the median priced for detached-single family homes only, which would explain the difference from the numbers I was looking at since it included condos as well.

That chart also says the Bay Area is only up about 10%, not 60%.

It's nice to see prices coming back down to realistic and more reasonable levels though. I was surprised by how much Monterey has dropped, over 50%. I never understood how that place could be so expensive considering the lack of high paying jobs.
Thanks for the correction.

Also, Californians are not new to price variations but the sheer number of homes lost and the glut of homes on the market is just staggering.

Still, I find that we are a bit less 'sky is falling' then most people elsewhere.
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Old 10-28-2008, 03:21 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,344 posts, read 55,140,686 times
Reputation: 15414
Anyway, this is an awesome time to buy for Californians looking to get into middle to upper middle class new housing developments. Especially in the Central Valley and IE.
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