Do you think housing prices are STILL going down in California? (Los Angeles: to rent, buyer)

[Radical Raul]

Originally Posted by JTGJR

Half the households earn more and half earn less.

Put the two together and you get a median income, base on variable criteria.

Southern California is extremely hard to gauge accurately due to it's huge underground economy, something which local and state officials have not been able to gauge let alone control.

Back to the topic at hand; Housing costs are continuing to bottom and in time rents will also fall in line.

[GracieJJ]

Originally Posted by Radical Raul

Depends where you live. How is the foreclosure rate in your neighborhood?

Has'nt peaked yet, according to one realtor round our area, but floodgates are about to break come new year!

[frazzledmom71]

Dropping like crazy. I am not sure if they will drop more. I think they will. Even if they do go back up, it will be slow. Not like last time, when they increased price overnight.

[sheri257]

I've probably mentioned this before but ... is anybody actually getting or going to get these low prices? I'm wondering if you guys are seeing in LA what I'm seeing on the central coast.

Sure, prices are dropping but there's also multiple bidding wars so good luck actually getting any of these properties. At least the decent ones. Lower prices also breed more bidding wars making it more difficult to actually get anything.

Unless you have a ton of cash (which is what the banks want) to make a cash offer ... it's very difficult.

What are you guys seeing in LA?

[Radical Raul]

Originally Posted by sheri257

I've probably mentioned this before but ... is anybody actually getting or going to get these low prices? I'm wondering if you guys are seeing in LA what I'm seeing on the central coast.

Sure, prices are dropping but there's also multiple bidding wars so good luck actually getting any of these properties. At least the decent ones. Lower prices also breed more bidding wars making it more difficult to actually get anything.

Unless you have a ton of cash (which is what the banks want) to make a cash offer ... it's very difficult.

What are you guys seeing in LA?

They are having fire sales in Palmdale, the Inland Empire, and Victor Valley.

[cmw2133]

Originally Posted by sheri257

I've probably mentioned this before but ... is anybody actually getting or going to get these low prices? I'm wondering if you guys are seeing in LA what I'm seeing on the central coast.

Sure, prices are dropping but there's also multiple bidding wars so good luck actually getting any of these properties. At least the decent ones. Lower prices also breed more bidding wars making it more difficult to actually get anything.

Unless you have a ton of cash (which is what the banks want) to make a cash offer ... it's very difficult.

What are you guys seeing in LA?

From what I've read, the majority of these sales are foreclosures.

I haven't moved to LA yet but it sure would take a lot of nerve to buy into a declining market. I thought CitiGroup was a really good deal at $15, considering it was at $55+ a year or so ago and now it's at $7.

[BRinSM]

i've seen a bunch more 'for rent' signs and 'for sale' signs at condo buildings here in santa monica that weren't there last year or even earlier this year. i think the people who bought these condos in the last 3 years or so are starting to feel the pinch. hopefully the alt-a and prime option mortgage resets in the coming year will drive prices down further. That's what I'm hoping for anyways. I'd love to be able to afford a decent condo in santa monica.

[Scott5280]

I have been closely observing the So. Cal. coastal markets for about eight years--
checking data on activity-sold-under contract-active-withdrawn--they too have been deeply affected by the money backed securities fiasco---You can often purchase prime beach property at 2000-2003 prices...Great time to purchase a vacation home or to just live on or close to the water...Some of the most expensive, desirable California zip codes are being hard hit----not just a middle class or poor thing..The exodus of the highly educated to other states,the ridiculously inflated tax base,the general economy and social unrest spell an almost unavoidable long term disaster for the California real estate market..If you intend to hold on to property for the long haul
it should be a good investment---it's still continuing to crash hard now-The explosion of Californian's moving here to Colorado is astounding---I think the resentment locals have here towards the new transplants is that they don't want Colorado to become the new California---I am not hating on California-I have lived in Newport and Laguna-loved it--may move back some day ,but things would have to improve drastically on the West Coast for me to make that decision..I feel sorry for the California locals who have watched their former paradise turn into what it is today...Real estate cycles are in a constant fluxuation , but these days it really has become scary...

[goodbyehollywood]

I'm not seeing low prices or screaming deals on the Westside. Now that liar loans are out of the picture, even a $100K income doesn't qualify buyers to purchase a starter box. Prices and incomes are still way out of whack and without creative financing to close the gap, prices should be realigning. There can't be that much cash on the sidelines. There is, however, lots of intervention to keep people in homes they really can't afford. People can stay in homes a long time without making payments before the lender gives them a sweetheart deal.

[cmw2133]

Is there any easy way to figure out at what prices homes are actually selling as opposed to their list price?