Do you think housing prices are STILL going down in California? (Los Angeles: real estate, foreclosure)

[karkyco]

Originally Posted by Charles

At the luxury end, home prices are falling - Los Angeles Times

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Please God, let it be true and finally here. Could the "myth" of the delayed drops in the best areas coming be a reality?

Thank you for posting that, as well as good old Jack's quote. And to think I've actually had a few doubts about missing the boat in the nicer parts of town, wondering if they could indeed buffer the storm. We haven't even seen the true strength of this storm yet!

[JTGJR]

Originally Posted by motoman

Haha! Awesome. And just a few months back you could find an endless string of people on this board talking about how prices in these areas wouldn't fall. Haha! This is greatness.

Thanks for passing it on.

I don't think that many, including myself, said that prices would not fall on the higher end homes. Most said they wouldn't be hit as badly. Some of what you're seeing in the high end is this (from the article):

In Newport Beach, the coastal 92663 ZIP Code saw an April price increase of 66%, to $2.49 million, DataQuick said. However, only 10 homes were sold, which means that a few extraordinary transactions could account for dramatic percentage changes.

Which is indicative of this: Sellers in high-priced areas often have a large amount of equity in their homes or own them outright. That makes them more able to sit on their houses and ride out a market downturn than people desperate to unload a house with a mortgage they can't handle.

So, one should expect to see huge swings in the median price of a home in a given area when there are so few sales.

The dataquick numbers don't lie. Or do they?

[shannon94]

lol..lol.... I can find a WHOLE lot of those...go back to 2006 posts ...it's even better! I used to get so bashed and "red marked"......now these people seem pretty quite.

kudos to orthopodfrancis!! Right on!!

[LASam]

I don't think housing prices are STILL going down... I know they are going down!

L.A. Land : Los Angeles Times : L.A. home prices falling, and faster

[wclac]

Originally Posted by LASam

I don't think housing prices are STILL going down... I know they are going down!

L.A. Land : Los Angeles Times : L.A. home prices falling, and faster

Hopefully, the prices have decreased a little on the southwestern part of the Westside.

[LASam]

Originally Posted by LAFan

Hopefully, the prices have decreased a little on the southwestern part of the Westside.

Not enough...

[wclac]

Originally Posted by LASam

Not enough...

This has to be the worst decade ever when it comes to situations like this.

[Huckleberry3911948]

6 more months.

[Rats]

I don't know what the newspapers mean by "Los Angeles"
Do they mean the entire LA area (LA, SB, Orange, Riverside counties) or just the city of LA?

In communities like Perris, prices have already fallen 30% across the board.
But even in the worst parts of LA, it's tough to find a decent house listed for less than 15-20% of its peak value.

So while the outskirts of LA might be hitting the bottom right now or very soon, the city of LA and its desirable close communities (Pasadena, Glendale, Santa Monica etc.) still have quite a ways to fall.

[motoman]

Originally Posted by Rats

I don't know what the newspapers mean by "Los Angeles"
Do they mean the entire LA area (LA, SB, Orange, Riverside counties) or just the city of LA?

In communities like Perris, prices have already fallen 30% across the board.
But even in the worst parts of LA, it's tough to find a decent house listed for less than 15-20% of its peak value.

So while the outskirts of LA might be hitting the bottom right now or very soon, the city of LA and its desirable close communities (Pasadena, Glendale, Santa Monica etc.) still have quite a ways to fall.

Yep. The closer in to LA you are the longer it will take for prices to fully adjust, simply because it is more desirable to live closer to or in the city. But there is still a breaking point, and a lot of people haven't hit it yet. But they will.

I say it will take another 2-3 years for prices to bottom in the LA "area", however you want to define that.