Tuesday, Dec 23, 2008
California back to 2002 levels
Bloomberg: California home sales rise 82%, prices fall
House prices in California are now back to 2002 levels. They recorded a 42% drop last year! The reason why sales are up is because sales are being made on repossessed homes: The only market in town.
According to Wikipedia if California were an independent economy it would be the 10th largest economy in the World.
In the UK we are officially only back to July 2005 levels. Any ideas of how much further house prices would have to drop in the UK to be back to 2002 levels? Remember in 2003 Capital Economics were stating that house prices were 20% overvalued and that a crash was imminent!
And the scary thing! House prices in California haven't stopped dropping. They are still crashing.
Posted by britishblue @ 10:44 PM (129 views) Add Comment
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