Monday, May 26, 2008
Coming to a Country Near You?
Bloomberg: California Prices Down 32%
May 23 (Bloomberg) -- California home prices tumbled 32 percent in April from a year earlier as ``distressed'' properties and a lack of financing cut demand, the state realtors group said.
Posted by uro_who @ 12:50 PM (483 views) Add Comment
5 Comments
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1. Monty032 said...
What a shocking statistic. That is London a year or eighteen months from now.
2. monty032 said...
What a shocking statistic. That is London a year or eighteen months from now.
3. harold said...
Wow, and California still hasn't hit bottom yet. I reckon we are looking at 50% drop, at least: i.e., a house bought for $400k in 2006/7 will be worth $200k in 2009/10. And this in an environment where food and gas prices are rapidly are inflating. That's what's called a double-whammy.
4. Papabear said...
Note also that California has all the same "attributes" that the VIs put forward as arguments that "prices can only ever go up": Immigration (Mexicans and others), Sound Economic Fundametnals (it's one of the world's leading economies), Desiarability (I'll take Malibu over Hacney any day of the year!), etc.
5. waiting patiently said...
Listening to the Wake up to Money thread earlier. The London estate agent reckoned that prices in London had fallen by 10 -15% in the last 5 months. Given that this is only the initial ramp up stage, London could also be looking at 30% falls over a 12 month period.