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The first URL didn't have much punch, probably because it only shows a one week delta. I would like to see three and six month data. (Didn't see any controls to work the data.)
If you click on a region you do get one year trend data.
Los Angeles
Trend 01/21/2008 1 month 3 month 6 month 12 month
Median Price $479,900 -2.0% -5.7% -10.3% -12.6%
Inventory 40,850 -4.4% -13.4% -5.5% +33.3%
I sold a condo in the city of Orange in 2005. The same 2 bdr. units are now on the market at nearly 25% less than I sold for! Of course I thought it was insane that someone paid me $400K for 1000 sq. feet.
The second URL was heartbreaking. The lady, the little girls, the broken marriage.
How is it heartbreaking? They were GREEDY, they got caught. Period, end of story. They got a $750K offer in 2005 but turned it down. They got more offers in the $675-700K range, and now they're having to dump the house for $140K less than they paid for it.
I sold a condo in the city of Orange in 2005. The same 2 bdr. units are now on the market at nearly 25% less than I sold for! Of course I thought it was insane that someone paid me $400K for 1000 sq. feet.
Hear, hear. I sold my place in 2006, when the market was already going down. We thought it was tough selling the place for $40K less than our original asking price after three months on the market. In retrospect, we got off lucky.
How is it heartbreaking? They were GREEDY, they got caught. Period, end of story. They got a $750K offer in 2005 but turned it down. They got more offers in the $675-700K range, and now they're having to dump the house for $140K less than they paid for it.
I guess if you want to focus on the negativity you would agree with the data provided. However, if you look at the Final Year End Numbers from Realist the pricing as a whole is not as dismal as other media would want you to believe.
Single Family Homes
2007 - 15,516 sold @ $700,000
2006 - 21,605 sold @ $700,000
Condo's
2007 - 8346 sold @ $460,000
2006 - 12,078 sold @ $463,250
If you truly want to understand the bottom of the market for buyers it was actually in 2004-2005 when you couldn't get a home without competing in a multiple offer situation. That is the bottom!
If you truly want to understand the bottom of the market for buyers it was actually in 2004-2005 when you couldn't get a home without competing in a multiple offer situation. That is the bottom!
eh? your post makes no sense. When you compete with multiple offers it is the peak of the cycle not the bottom because you have to offer top dollar to get the house.
The bottom will probably be 2010 or so with a decline of around 40-50% from current price levels here in OC. The median supported by fundamentals is around $280k or so and it is currently $550k. The biggest run up in home prices will have a correspondingly large run down. The only reason prices went up that much was due to loose lending and speculation.
Now that they are both virtually non-existant the price level will revert to normal levels and since historically markets have always overcorrected by 5-10% you will see very very sharp declines.
Hear, hear. I sold my place in 2006, when the market was already going down. We thought it was tough selling the place for $40K less than our original asking price after three months on the market. In retrospect, we got off lucky.
We sold our house in Irvine October 29th 2007. We were a little bit bummed because we got about $45,000 less than we could have a year earlier. Looking back we were so lucky! The people that bought our house must be very concerned. I know that their plans were to stay a while, 3-5 years, but they still must be worried.
What is strange is that here in Texas the new housing has not really suffered. The model we bought from Wall Homes on Oct 2007 has actually went up $6,000 base price. They are building 5 new inventory/spec homes on our street this month. I guess CA is another world when it comes to housing.
Hear, hear. I sold my place in 2006, when the market was already going down. We thought it was tough selling the place for $40K less than our original asking price after three months on the market. In retrospect, we got off lucky.
That's my feeling too. I sold a house last year, and when I look at the current sales prices, I'm so thankful I got out when I did. Things aren't getting better. A bird in hand....
House prices in the SFV have gone into free-fall as well. Inventories are huge, sales rates are at a crawl, and prices have fallen about 20% just in the past few months.
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