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« We don't want your kind here.... | Main | Finding the good news in the bad... » October 21, 2008I've got some good news, and I've got some bad news...I always like to look at the Los Angles housing market to see how the other half lives... According to the LA Times homes sales are booming but, prices are down 33 percent from a year ago... At least they're buying and it's a good indication money is changing hands.... Agents I've spoken to here in the Bay Area tell me the only thing really selling these days is foreclosures, short sales and all cash deals... if you have a second feel free to leave your thoughts on what's selling...
Southern California home prices continue to slide Don't count on that housing recovery any time soon. Southland home prices tumbled again in September, according to data released Monday, continuing a trend that began 14 months ago and bringing median values down 39% below their peak last year. What's more, the September sales figures reflect many homes that went into escrow in July or August -- before the financial crisis rattled nerves, depleted the investment savings of millions of Americans and cast fresh doubts about the economy's strength. "Buying a home is a big decision, and it's not one you want to make when you're not sure where prices are headed," said UC Berkeley economist Thomas Davidoff. "Now a lot of people are facing unemployment, so there's the risk they'll lose their income and not be able to make their payments." The median Southern California home sale price was $308,500 in September, down 7% from August and 33% from a year ago, according to real estate research firm MDA DataQuick. More homes were trading hands, with last month's sales total 65% higher than a year ago. But MDA DataQuick President John Walsh noted that the figures were recorded "before the dramatic worsening of the nation's economic crisis in recent weeks." click here for the complete story... Posted by Jeff Brooks on October 21, 2008 08:02 AM | Permalink TrackBackTrackBack URL for this entry: |
