California Median Down 31.5% Yo Y

[Realistbear]

http://www.signonsandiego.com/news/busines...n17housing.html

State median home price drops 31 percent in June

By Roger Showley

UNION-TRIBUNE STAFF WRITER

6:01 p.m. July 17, 2008

SAN DIEGO – DataQuick Information Systems reported Thursday that the statewide median home price was

down 31.5 percent

last month from June 2007 levels to a median $328,000.

The San Diego-based company said 35,202 homes changed hands, the lowest volume for any June in the firm's 20 years tracking the market.

As some of you know, I have been predicting that our market will mirror California where the bubble was almost as bad and where Krusty-style ramping was widespread and got people into a fever pitch of buying. I recall beggars in the streets at the peak in 2005 who were walking the streets knocking on doors begging the owner to sell their property to them. This is no exaggeration!

CA and the UK were in lock-step in the Great Crash of '89-'96 and although the lag is greater this time (12-18 months)I believe we will share the same fate in "The Big One." 50-60% down from the top. Although I might need to revise that to 60-70%?

Whoever did this, can they update pls?

http://www.housepricecrash.co.uk/forum/ind...ost&id=4113

[Converted Lurker]

I know we've kinda done this to death but was looking at Craigs List lastnight, Palm Springs. What you can get for 250K of our English pounds is quite frankly staggering and it's got so much further to fall. 'Tis not just the prices it's the deals, foreclosure/bank owned/short sale/owner financing/free designer furniture...5 bed 3 bathroom detached surrounded by; country parks, golf courses, tennis courts in every direction... please burst my bubble and tell me it's better over 'ere in Blighty and the immigraiton issues in the States are a pain? 'Cos looking at what's on offer v the UK I can't see any better place to be to 'weather' (pun intended) a recession, (post crash) than the US TBH

http://palmsprings.craigslist.org/rfs/

[Justice]

It started in the states, hit the UK and will at some stage hit other parts of Europe than Spain that has become as basket case matched only by Ireland.

31% is madnes but so was the 20% year on year rises and yet people forgot it could all go the other way.

My war chest is ready if only i can hide it from inflation for another 2 years when i think we maybe aproacing bottom here in the UK.

Don't forget you guys that it was the banks that turned the tap off and they can turn it back on just as easy if they are flooded with lots of money from central banks at giveaway prices just like they were after the 9/11 false flag attack.

[BandWagon]

Whoever did this, can they update pls?

http://www.housepricecrash.co.uk/forum/ind...ost&id=4113

That one was mine. I'll do an update shortly.

[buzzardo]

That one was mine. I'll do an update shortly.

Hi BandWagon.

Please do it quick, before this very interesting thread ends up on page five and forgotten. (Was that a bump - never mind Maybe someone can oblige again tomorrow, until BandWagon has a chance to get their Excel in gear....)

Have a lovely weekend one and all....

B

[qwe3333]

only the crap areas are dropping, like 40%. the good area are flat. people keep saying its a matter of time, but seems to be talking a while. there are very big differences between in the drop between nieghbouring cities and postcodes.

[Mr Nice]

only the crap areas are dropping, like 40%. the good area are flat. people keep saying its a matter of time, but seems to be talking a while. there are very big differences between in the drop between nieghbouring cities and postcodes.

could you actually show a link to some of these "flat" areas?

[Guest DissipatedYouthIsValuable]

only the crap areas are dropping, like 40%. the good area are flat. people keep saying its a matter of time, but seems to be talking a while. there are very big differences between in the drop between nieghbouring cities and postcodes.

pfft!

[red]

only the crap areas are dropping, like 40%. the good area are flat. people keep saying its a matter of time, but seems to be talking a while. there are very big differences between in the drop between nieghbouring cities and postcodes.

Tempted to post a 'big ass' graph to show you how prices in my very nice area of North London are tumbling...

[Alfie Moon]

It started in the states, hit the UK and will at some stage hit other parts of Europe than Spain that has become as basket case matched only by Ireland.

Don't forget you guys that it was the banks that turned the tap off and they can turn it back on just as easy if they are flooded with lots of money from central banks at giveaway prices just like they were after the 9/11 false flag attack.

This is certainly at the back of my mind. So, what is stopping the Central Banks from doing this? If, for whatever reason it is not a viable option for Central Banks to consider at the present time how long till it might be a realistic option for them? - ie flood the markets with cheap money again.

[The Masked Tulip]

In future can all who post posts about house prices in various parts of the US please attach an appropriate photo of a local bikini clad babe so we can gauge whether it is worth considering emigrating there or not - thank you.

[Mr Nice]

This is certainly at the back of my mind. So, what is stopping the Central Banks from doing this? If, for whatever reason it is not a viable option for Central Banks to consider at the present time how long till it might be a realistic option for them? - ie flood the markets with cheap money again.

because the money comes from borrowing.

China, Japan, and the Saudis etc really funded a large part of the boom by providing the money to fuel it.

in order to re-flood the markets, they would either have to find new sources of money, which isn't too likely now that the cat is out of the bag, or they would have to actually print the money, which would be devastating for inflation.

would you want YOUR bank using your savings to fund risky loans like the ones at the top of the market?

would you invest in those loans directly?

[Converted Lurker]

only the crap areas are dropping, like 40%. the good area are flat. people keep saying its a matter of time, but seems to be talking a while. there are very big differences between in the drop between nieghbouring cities and postcodes.

Unless you mean Mailbu then you couldn't be more wrong, and that area's only a matter of time. The 'great thing' about the States (similar to Spain) is that there's been such massive over development that prices would have corrected without 'Le Crunch', which just adds rocket fuel to the boosters. Search foreclosue.com, realtor.com, mlsonline.com and craigs list and you'll see just how wrong you are...Your reference to "crap areas" is akin to saying Fulham is crap vis a vis Kensington, Clapham is crap v Battersea...

[The Masked Tulip]

Unless you mean Mailbu then you couldn't be more wrong, and that area's only a matter of time. The 'great thing' about the States (similar to Spain) is that there's been such massive over development that prices would have corrected without 'Le Crunch', which just adds rocket fuel to the boosters. Search foreclosue.com, realtor.com, mlsonline.com and craigs list and you'll see just how wrong you are...Your reference to "crap areas" is akin to saying Fulham is crap vis a vis Kensington, Clapham is crap v Battersea...

Malibu... Hmm, honey ;-)

[The Masked Tulip]

Only 65 million bucks for this - is it a prison?

http://www.realtor.com/search/listingdetai...1&srcnt=636

[Elizabeth]

Only 65 million bucks for this - is it a prison?

http://www.realtor.com/search/listingdetai...1&srcnt=636

No its a small family home. Only 15 bedrooms and 12 baths.

Not even convertable to a B&B really.

More than one swimming pool apparently so that is alright.

Property Information for 1288 South Oakland Ave Save Listing

This exquisite estate is situated on a nearly 5 acres of magnificent grounds.The breathtaking European-style gardens feature an expansive lawn,topiary sculptures,stained glass domed pavillions,romantic resting areas,secluded pond w/bridge&a serene waterfall,enchanting walkways through bamboo&covered arbors,koi pond,meditation point,fountains,statuaries,water gardens,practice court& an elaborate Grecian-style pool w/cascading spa.This exceptional architectural statement features 3 security gates,a guard house&subteranean 8 car parking garage&a separate 2-story G/H.The main flr of this one-of-a-kind home features a Porte cochere,foyer,library,ofc,gallery,lounge,elevator,L/R,ballroom,dining rm,F/R,kitchen,& 2 suites.The 2ND level includes a gallery,media rm&8 suites.The lower level consists of 3 maid's brs,wine cellar,laundry,exer,massage,lounge,steam rms,indoor resistant pool&spa.This majestic estate offers a once-in-a-life-time opportunity for the new own

Property Features

* Single Family Property

* Status: Active

* Area: Pasadena (SE)

* County: Los Angeles

* Year Built: 1991

* 15 total bedroom(s)

* 19 total bath(s)

* 14 total full bath(s)

* 2 total three-quarter bath(s)

* 3 total half bath(s)

* Approximately 31415 sq. ft.

* Master bedroom

* Dining room

* Family room

* Game room

* Office

* Fireplace(s)

* Fireplace features: Living Room Location

* Swimming pool(s)

* Garage

* Attached parking

* View

* Lot is 201690 sq. ft.

* Approximately 4.63 acre(s)

* Lot size is between 2 and 5 acres

EDIT: Actually, got it wrong but the 65m one is a bit disappointing. Looks like a 1970s ranch. This fake greco number with the classic statues and the formal gardens is far more to my taste.

Edited July 19, 2008 by Elizabeth

[qwe3333]

could you actually show a link to some of these "flat" areas?

http://www.dqnews.com/Charts/Monthly-Chart...rts/ZIPSFC.aspx

this is for the bay area. I have family there looking to move but the better area simple arent falling very fast, maybe 10%. If you dont have any idea of the areas, you can look at the average prices and the % fall.

In LA:

Los Angeles Selected Areas

Westside 49 $1,325,000 $899,000 47.39%

West LA 123 $730,000 $759,000 -3.82%

Downtown LA/Central City 220 $627,500 $715,000 -12.24%

South LA 134 $340,000 $449,000 -24.28%

North East LA 83 $355,000 $482,500 -26.42%

http://www.dqnews.com/Charts/Monthly-Chart...rts/ZIPCAR.aspx

Again poorer areas falling faster. Across CA its the inland cities falling fast 25%+, like merced, Sacramento, inland empire (loads of new builds). The established areas holding up better.

Im not saying it wont happen. Just hasnt happened yet. In fact not that much availability in the better areas either (relative to the lesser areas). Rents are edging up too.

[qwe3333]

Unless you mean Mailbu then you couldn't be more wrong, and that area's only a matter of time. The 'great thing' about the States (similar to Spain) is that there's been such massive over development that prices would have corrected without 'Le Crunch', which just adds rocket fuel to the boosters. Search foreclosue.com, realtor.com, mlsonline.com and craigs list and you'll see just how wrong you are...Your reference to "crap areas" is akin to saying Fulham is crap vis a vis Kensington, Clapham is crap v Battersea...

Well better areas i mean top 20%. Middle areas 20-50%. And lesser areas i mean bottom 50%. And basically the bottom rung has fallen off a cliff, the middle has dropped and the top is nominally down.

Yeah lots and lots of foreclosures. Like entire streets up for sale. But again the poorer areas. Not that many foreclosures or even distressed sales in the nicer areas. (yet).

[Elizabeth]

But ultimately its not about the asking price it is about drops in the real comparative price against what people paid before.

[The Masked Tulip]

http://www.dqnews.com/Charts/Monthly-Chart...rts/ZIPSFC.aspx

this is for the bay area. I have family there looking to move but the better area simple arent falling very fast, maybe 10%. If you dont have any idea of the areas, you can look at the average prices and the % fall.

In LA:

Los Angeles Selected Areas

Westside 49 $1,325,000 $899,000 47.39%

West LA 123 $730,000 $759,000 -3.82%

Downtown LA/Central City 220 $627,500 $715,000 -12.24%

South LA 134 $340,000 $449,000 -24.28%

North East LA 83 $355,000 $482,500 -26.42%

http://www.dqnews.com/Charts/Monthly-Chart...rts/ZIPCAR.aspx

Again poorer areas falling faster. Across CA its the inland cities falling fast 25%+, like merced, Sacramento, inland empire (loads of new builds). The established areas holding up better.

Im not saying it wont happen. Just hasnt happened yet. In fact not that much availability in the better areas either (relative to the lesser areas). Rents are edging up too.

I thought Downtown LA/Central City and South LA were places to avoid?

[qwe3333]

I thought Downtown LA/Central City and South LA were places to avoid?

Parts of downtown are okay. Its gotten a bit busier over the last 10 years. south la is to be avoided even though gang activity has dropped since the early 90s.

[BandWagon]

Parts of downtown are okay. Its gotten a bit busier over the last 10 years. south la is to be avoided even though gang activity has dropped since the early 90s.

What's happened in Orange County?

[Nickolarge]

only the crap areas are dropping, like 40%. the good area are flat. people keep saying its a matter of time, but seems to be talking a while. there are very big differences between in the drop between nieghbouring cities and postcodes.

I just had to find a new rented home after the last landlord gave me the bum's rush.

Only 6 months ago it was all established lets with long standing landlords or BTL's.

This time everything I viewed was 'cant sell so I am letting' and all in the best part of a generally good part of the country (Hampshire Dorset border and I am 5 minutes walk from the beach now).

Hope you like my graph

[Mr Nice]

http://www.dqnews.com/Charts/Monthly-Chart...rts/ZIPSFC.aspx

this is for the bay area. I have family there looking to move but the better area simple arent falling very fast, maybe 10%. If you dont have any idea of the areas, you can look at the average prices and the % fall.

In LA:

Los Angeles Selected Areas

Westside 49 $1,325,000 $899,000 47.39%

West LA 123 $730,000 $759,000 -3.82%

Downtown LA/Central City 220 $627,500 $715,000 -12.24%

South LA 134 $340,000 $449,000 -24.28%

North East LA 83 $355,000 $482,500 -26.42%

http://www.dqnews.com/Charts/Monthly-Chart...rts/ZIPCAR.aspx

Again poorer areas falling faster. Across CA its the inland cities falling fast 25%+, like merced, Sacramento, inland empire (loads of new builds). The established areas holding up better.

Im not saying it wont happen. Just hasnt happened yet. In fact not that much availability in the better areas either (relative to the lesser areas). Rents are edging up too.

It makes sense that the better off would be able to take a bit more time than people that were closer to living paycheck to paycheck.

and thanks for the numbers, it's refreshing to see a "not in my area" kind of statement backed up with actual facts for once.

[Realistbear]

only the crap areas are dropping, like 40%. the good area are flat. people keep saying its a matter of time, but seems to be talking a while. there are very big differences between in the drop between nieghbouring cities and postcodes.

Coronado Island in San Diego is taking the largest hit in San Diego County. Coronado Island had the highest average property prices in the area, exceeding even La Jolla where the avergae was $2.5m.