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

[prim2007]

Originally Posted by Charles

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

I'm happy to see home prices adjusting to a more realistic level. The income in CA isn't much higher than Dallas or Houston yet the average home prices are 5 x higher . Unfortunately, the places I would buy in are listed under the positive changes but they will drop some too over the next 12 months.

[motoman]

California unemployment hits 6.8% - Los Angeles Times

[motoman]

Was talking to my friend at lunch today. He sold his house in Fullerton about two years ago for $750,000. The people that bought it defaulted within 18 months. It is now listed for $569,000. Down $181k in two years. Ouch!

[EscapeCalifornia]

Originally Posted by motoman

Was talking to my friend at lunch today. He sold his house in Fullerton about two years ago for $750,000. The people that bought it defaulted within 18 months. It is now listed for $569,000. Down $181k in two years. Ouch!

But there's never been a better time to buy than now, huh?

I've got my popcorn and will be enjoying the second half of the horror movie playing out before us. Just wait will all those "My neighborhood is immune to this" types get their's.

[karkyco]

The 2 Prudential "agents to the stars" Joseph Babajian and Kyle Grasso were formally indicted as well. They "allegedly" were part of a scheme to greatly inflate property values and get fraudulent loans based on these vastly overinflated values.

Beverly Hills agents indicted | L.A. Land | Los Angeles Times

Check out the 3rd post below the story for the details of how these scumbags were manipulating values. Unreal.

And there will be many, many more such scummy RE "professionals" going down in the coming months in the prime LA areas. The inland areas may be in full swing, but we're just getting started.

6.8% unemployment in Cali? You better believe prices will be coming down even in the good parts.

[LASam]

Damn... I was hoping on of the busted RE agents would be Todd Marks. That guys damn commercials before AMC movies kill me.

[John23]

The other day in the LA Times, they said that housing had gone down in outlying areas (riverside, palmdale, etc) because gas is so expensive. People don't want to live there and drive to LA.

Funny, in the real estate mania a few years ago, no one thought of this. The National Assocation of Realtors and all them, they keep telling you it's time to buy. It's always time to buy your first house!

But they don't factor in anything like gas, they see housing as this static thing. I hope no one believed them.

Housing still has a long ways to go down, to get in line with incomes and affordability.

If we all bid up the city data website to 4x it's normal price, of course it'll drop eventually. I think some will see 60 to 70% drops before it's over.

[John23]

LOL at Todd Marks. That guy is getting his name out there.

It's the announcer that does that VH1 show, about the fabulously wealthy celebrities. Maybe a cousin of Robin Leach.

[karkyco]

Originally Posted by LASam

Damn... I was hoping on of the busted RE agents would be Todd Marks. That guys damn commercials before AMC movies kill me.

HAHAHA! Yeah I HATE those! The funniest thing is that, if you remember those, it used to be him and his wife...with Robin Leach as the announcer:

"If you want to buy among the rich and famous, go with Todd and Lori Marks!" As a pseudo-MS Powerpoint presentation would scroll through pictures of them.

Looks like she kicked his ass to the curb, as he's doing the ads alone now.

[greggd]

Originally Posted by motoman

Was talking to my friend at lunch today. He sold his house in Fullerton about two years ago for $750,000. The people that bought it defaulted within 18 months. It is now listed for $569,000. Down $181k in two years. Ouch!

Did he sell to get out or did he just sell and move into the same area? I hear fullerton isn't as lilly as it used to be....................

I know a guy in Anaheim who sold to get out... he moved to Newport.