Median home prices drop below 1989 levels in some parts of Southland (Los Angeles: real estate, houses)

[skywalker400]

Obviously this is only happening in for the most part non-desirable places (San Berdoo and Palmdale), but its still interesting and shows how out of wack the market has gone. I believe the prices aren't inflation adjusted as well.

[quote]
Median home prices drop below 1989 levels in some parts of Southland - Los Angeles Times
From the Los Angeles Times
REAL ESTATE
Median home prices drop below 1989 levels in some parts of Southland
Properties in several areas are selling for less than they did 20 years ago, and that's not including inflation. Some first-time buyers are nabbing houses for less than what their parents paid.
By Peter Y. Hong

June 10, 2009

In parts of Southern California, the housing crash has upended a basic tenet of the American dream: that home values always increase over the long term.

Properties in several areas are selling for less than they did 20 years ago, and that's not even counting the effects of inflation.

[ZenMaster2008]

another 50% and I can buy!!

[nmnita]

Originally Posted by ZenMaster2008

another 50% and I can buy!!

good come back. I don't believe this for 1 minute: a huge drop yes, below the prices in 1989 nope!!!

[KnoxTown]

I've been saving every dime I can since I got out here. I might be able to get a house sooner then I thought.

[nmnita]

just glanced at the article, first of all, look at the cities they are using for the stats, and just because a house 2 door down that is larger sold for less than someone paid for another in the neighborhood means absolultely nothing. It is stories like this that do more damage than good.

As a travel agent, I can quote a cruise that is twice as long than another, on a different line, that is selling for X number of dollars less, this means absolutely nothing.
Nita