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Realistbear

More Crash News From The U S -- California In Trouble

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http://abclocal.go.com/kfsn/story?section=local&id=3953363

Central Valley Housing Bubble Ready to Burst?March 1, 2006 - The Valley housing boom is over, with home prices in some neighborhoods dropping $50,000 in just the past two months.
The median price of an existing home in the Central Valley in January of this year was $347,000. That's a 13% jump from the same time last year, when the average price was $307,000.
But when Action News broke down the numbers, we found that in the past couple months, the bubble appears to be bursting. To realtors, it's a market adjustment. But to some analysts, it's a full-on correction
.
Local housing prices have come tumbling down over the last two months, erasing months of drastic increases.
Just two months ago, the median sale price for homes in Clovis' 93611 zip code was $439,000. But in just 60 days, those homes plummeted $51,000, to $388,000.

This seems to be AWOOGA time in the US? The big crash of 2006-? has begun.

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http://abclocal.go.com/kfsn/story?section=local&id=3953363

Central Valley Housing Bubble Ready to Burst?March 1, 2006 - The Valley housing boom is over, with home prices in some neighborhoods dropping $50,000 in just the past two months.
The median price of an existing home in the Central Valley in January of this year was $347,000. That's a 13% jump from the same time last year, when the average price was $307,000.
But when Action News broke down the numbers, we found that in the past couple months, the bubble appears to be bursting. To realtors, it's a market adjustment. But to some analysts, it's a full-on correction
.
Local housing prices have come tumbling down over the last two months, erasing months of drastic increases.
Just two months ago, the median sale price for homes in Clovis' 93611 zip code was $439,000. But in just 60 days, those homes plummeted $51,000, to $388,000.

This seems to be AWOOGA time in the US? The big crash of 2006-? has begun.

Yup. When I relocated from London to Boston in 2004, some of my old colleagues were moved to the company's California office instead, and bought places there. I was out there a few months back in early 2005 and met up with some of them. I mentioned my views that housing was in a bubble. The response was a grinning "yeah, people keep saying that but it just keeps going up". They probably aren't having much fun now.

frugalista

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Greenspan had a baptism of fire at the start of his tenureship with the '87 crash. Looks like Bernanke will have his hands full with trying to rescue the US economy from a sinking real estate market. Slightly less spectacular perhaps, but potentially even more damaging.

Edited by Van

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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