Do you think housing prices are STILL going down in California? (Los Angeles: home, unemployment)

[Charles]

Median home price in California drops 30% in May - Los Angeles Times

[motoman]

Originally Posted by Charles

Median home price in California drops 30% in May - Los Angeles Times

What are you talking about Charles? Home prices never fall. Buying a home is always a good investment. Stop believing the hype.

Funny. "Prices will never fall to $400,000...to $300,000...", the naysayers said. And they were right. Some are selling in the $200s. Oops.

In fact, I believe I remember some posters somewhere around here saying just a month or two ago that prices would never get down to $300,000. Well, at $339,000, we're already pretty damn close, and we still have a way to fall.

I've been saying for a while now that the median price should be in the $300,000-$350,000 range, and we're there. Ohhhh noooo, prices will never get that low. Haha! I'm sorry, I have to keep saying that. Haha!

"Through the floor" said the caption on The Economist graph.

[BRinSM]

who are you lauging at?

[motoman]

Originally Posted by BRinSM

who are you lauging at?

The folks that have been saying home prices would never fall the levels they have already reached...with more to go.

[BRinSM]

i've been lurking on these boards for about 6 months, and I haven't seen too many people saying housing prices would never fall. when you come here with your "i told you so" attitude, you're preaching to the choir. i think you make some great observations on occassion and you have some very good posts from time to time, but there's no reason to be an *******! this is just an internet forum, don't forget that.

[texdav]

I think that in the markets that skyrocketed their was more abuy a home for the investmrnt value. Once it caught on deamd took over.One reaso why so many treied to pt as little in the home that they could by creative financing.Many viewed their first home a way of getting money for their second home.People saw other do this and heard all teh hype thru the media and wanted to get in on hte wealth creation.Some gained now some will lose like any market.

[motoman]

Originally Posted by BRinSM

i've been lurking on these boards for about 6 months, and I haven't seen too many people saying housing prices would never fall. when you come here with your "i told you so" attitude, you're preaching to the choir. i think you make some great observations on occassion and you have some very good posts from time to time, but there's no reason to be an *******! this is just an internet forum, don't forget that.

Haha. Ok, sorry for having an opinion and voicing it. I'll refrain from now on.

[JTGJR]

While I still agree that prices are falling and the world is coming to an end, I noticed an interesting thing in the Dataquick numbers for May, so I'd be interested in others looking at their cities to see if this happened there. In May, there were 13 homes sold in El Segundo and the Median price dropped "18.2%" year over year. However, the median price per square foot was $592 in May 2008. So, this tells me that the 12 homes had an average(median?) of less than 1200 sq ft. If I used that $592 for the square footage of my home, it would put the value of my home at about $400-500K more than I and Zillow.com estimate it's worth in this market.

This tells me that there are still buyers out there willing to pay premium $ for a starter home in a good area. Anyone else see this happening in your area?

May Dataquick Chart

[sheri257]

Originally Posted by JohnAlt

Knife catchers have a role in this, setting the comps on the way down.

Actually ... I see your point also. As I mentioned on another thread, I'll probably wait to buy at least until I see some more of the pending comps come in.

[Charles]

Originally Posted by JTGJR

May Dataquick Chart

That is an excellent table.

I popped all those tables into excel. There are some amazing changes.

For number of sales/zip code greater than 30, these towns had at least a 40% drop (duplicates because multiple zip codes per town):
Perris
Lake Elsinore
Victorville
Hemet
San Jacinto
Dsrt Hot Springs
Rialto
Santa Ana
Santa Maria
Lancaster
Adelanto
Fontana
Lancaster
Victorville
Perris
Victorville
Poway
Palmdale
Palmdale
Hesperia
San Bernardino
Moreno Valley
Moreno Valley


For number of sales/zip code greater than 10, all these towns had positive changes may07 to may08

LA
Beverly Hills
San Marino
LA
Northridge
Pasadena
Rancho Mirage
Huntington Beach
Santa Barbara
Newport Beach
Santa Barbara
LA/Bel-Air
Anaheim Hills
Laguna Beach
Venice
Whittier
Carlsbad
Redondo Beach
Fullerton
LA
Rancho P.V.
Scripps Ranch