California Median Down 31.5% Yo Y

[Converted Lurker]

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.

RB, will you go back to California to weather the storm? Quick resume of good points/bad points, if you've got the time, would be appreciated. TIA

[Saving For a Space Ship]

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.

Ok, here's your sun drenched bikini clad babes

A friend has just returned from a weeks holiday in southern Spain. He said it's so hot, no one walks anywhere or drives convertibles or motorcycles. They just shield themselves in air-con cars all the time.

Edited July 20, 2008 by Saving For a Space Ship

[renterbob]

mr mortgage in one of his vids was saying 97% of properties going to auction were coming back to the mortgagee.when they start selling with lower/no reserves,get ready for phase 2 on the downside.

I ain't mathematically inclined, but if you bought last year for 89000 dollars and sold this year for only 9000 dollars, what is the drop in percentage terms?

That's whats hapening in the USA at the moment.

[Converted Lurker]

I ain't mathematically inclined, but if you bought last year for 89000 dollars and sold this year for only 9000 dollars, what is the drop in percentage terms?

That's whats hapening in the USA at the moment.

eh?

[silver surfer]

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.

My job regularly takes me to Los Angeles and this is pretty much what I'm hearing. The bad areas, inland, and the valley communities with long commutes, they are all getting hammered. But good properties in good areas aren't doing too badly. For example one guy I know has just sold his house near the Griffiths Observatory and it dropped less than 10% from the highest valuations he had in 2006 and 2007. Things got a bit shaky during the writers strike, but now that the actors unions look like they'll both settle then confidence is returning.

It'll be the same here, over ramped slave boxes or anywhere that's a three hour drive from well-paid jobs will get punished, decent family houses in good areas will fall as well, just not as much. In fact I think the latest UK figures are showing pretty much this, I forget the exact figures but it was something like overall UK annual declines are -8%, but flats are down -12% and detached houses are down -6%.

[SurgeonGeneral]

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 hear there are a few bargains to be had in Compton, G.

[Giordano Bruno]

I ain't mathematically inclined, but if you bought last year for 89000 dollars and sold this year for only 9000 dollars, what is the drop in percentage terms?

That's whats hapening in the USA at the moment.

89000 - 9000 = 80000

80*100/89 = 89.9% fall.

[Realistbear]

My job regularly takes me to Los Angeles and this is pretty much what I'm hearing. The bad areas, inland, and the valley communities with long commutes, they are all getting hammered. But good properties in good areas aren't doing too badly. For example one guy I know has just sold his house near the Griffiths Observatory and it dropped less than 10% from the highest valuations he had in 2006 and 2007. Things got a bit shaky during the writers strike, but now that the actors unions look like they'll both settle then confidence is returning.

It'll be the same here, over ramped slave boxes or anywhere that's a three hour drive from well-paid jobs will get punished, decent family houses in good areas will fall as well, just not as much. In fact I think the latest UK figures are showing pretty much this, I forget the exact figures but it was something like overall UK annual declines are -8%, but flats are down -12% and detached houses are down -6%.

I think it is a myth that the better areas hold up ion a crash. I bought and sold in the Great Crash of '89 in Del Mar (very very upscale coastal) and the buyers sold on a year into the crash and lost $100k or about 30% less than I sold to them for.

Here is the breakdown of upscale OC where drops are horrific:

http://www.ocregister.com/articles/housing...1-prices-median

"Change" is based on comparison to same period one year ago.

Community Zip Median Change Sales Change

Aliso Viejo 92656 $455,250 -9.9% 44 -60.7%

Anaheim 92801 $360,000 -34.7% 14 -60.0%

Anaheim 92802 $358,000 -34.9% 9 -59.1%

Anaheim 92804 $380,000 -33.7% 18 -61.7%

Anaheim 92805 $340,000 -38.2% 24 9.1%

Anaheim 92806 $437,500 -25.2% 8 -27.3%

Anaheim 92807 $455,000 -24.5% 23 -48.9%

Anaheim 92808 $653,000 28.7% 21 -38.2%

Brea 92821 $538,500 -13.1% 16 -52.9%

Brea 92823 $381,250 -34.5% 3 -40.0%

Buena Park 90620 $441,000 -17.9% 22 -8.3%

Buena Park 90621 $410,000 -29.9% 12 -68.4%

Corona del Mar 92625 $2,047,500 30.0% 13 -56.7%

Costa Mesa 92626 $521,500 -25.2% 20 -41.2%

Costa Mesa 92627 $487,500 -37.2% 21 -48.8%

Cypress 90630 $490,000 -3.4% 14 -70.8%

Dana Point 92624 $560,500 -25.7% 4 -20.0%

Dana Point 92629 $750,000 -8.8% 23 -37.8%

Foothill Ranch 92610 $575,000 -15.1% 14 -33.3%

Fountain Valley 92708 $575,000 -11.5% 26 -42.2%

Fullerton 92831 $560,000 2.0% 16 -33.3%

Fullerton 92832 $365,000 -37.9% 10 -37.5%

Fullerton 92833 $456,500 -19.5% 25 -62.1%

Fullerton 92835 $505,000 -32.2% 10 -64.3%

Garden Grove 92840 $386,000 -31.7% 19 -47.2%

Garden Grove 92841 $425,000 -29.2% 13 -56.7%

Garden Grove 92843 $382,500 -21.1% 15 -28.6%

Garden Grove 92844 $400,000 -7.0% 12 -7.7%

Garden Grove 92845 $525,000 -13.2% 9 -18.2%

Huntington Beach 92646 $497,500 -14.2% 24 -65.2%

Huntington Beach 92647 $530,000 -20.3% 26 -29.7%

Huntington Beach 92648 $755,000 -12.7% 33 -28.3%

Huntington Beach 92649 $462,000 -34.0% 23 -20.7%

Irvine 92602 $740,000 -5.2% 30 -38.8%

Irvine 92603 $926,000 21.8% 24 -29.4%

Irvine 92604 $530,000 -13.4% 17 -46.9%

Irvine 92606 $605,000 1.2% 13 -43.5%

Irvine 92612 $483,500 -12.1% 11 -74.4%

Irvine 92614 $480,000 -12.9% 11 -56.0%

Irvine 92618 $503,500 -5.9% 19 -26.9%

Irvine 92620 $708,500 -2.9% 28 -44.0%

Ladera Ranch 92694 $615,000 -6.9% 37 -57.0%

La Habra 90631 $412,500 -21.4% 23 -41.0%

La Palma 90623 $578,000 -11.1% 9 -25.0%

Laguna Beach 92651 $1,400,500 -7.7% 21 -47.5%

Laguna Hills 92653 $389,500 -52.0% 15 -55.9%

Laguna Niguel 92677 $735,000 3.3% 37 -64.8%

Laguna Woods 92637 $240,000 -15.6% 21 -50.0%

Lake Forest 92630 $375,000 -28.9% 26 -50.9%

Los Alamitos 90720 $735,000 -12.0% 13 -58.1%

Midway City 92655 $460,000 -11.1% 5 -16.7%

Mission Viejo 92691 $505,000 -21.1% 41 -37.9%

Mission Viejo 92692 $500,000 -18.7% 25 -65.3%

Newport Beach 92660 $1,200,000 -17.2% 22 -46.3%

Newport Beach 92661 $1,580,250 -41.3% 2 -50.0%

Newport Beach 92663 $1,169,090 -7.2% 14 -44.0%

Newport Coast 92657 $3,410,000 156.9% 11 -64.5%

Orange 92865 $497,500 -23.6% 20 53.8%

Orange 92866 $491,500 -12.9% 6 0.0%

Orange 92867 $520,000 -19.7% 31 -27.9%

Orange 92868 $325,000 -36.9% 5 -54.5%

Orange 92869 $577,000 2.1% 18 -60.0%

Placentia 92870 $525,000 -11.8% 21 -52.3%

Rancho Santa Margarita 92688 $366,250 -34.6% 38 -60.0%

San Clemente 92672 $780,000 -2.5% 15 -54.5%

San Clemente 92673 $915,000 -11.0% 30 -51.6%

San Juan Capistrano 92675 $435,000 -30.4% 24 -44.2%

Santa Ana 92701 $219,000 -37.0% 8 -55.6%

Santa Ana 92703 $362,500 -35.8% 15 -11.8%

Santa Ana 92704 $302,000 -48.2% 23 -32.4%

Santa Ana 92705 $846,750 10.3% 14 -62.2%

Santa Ana 92706 $410,000 -32.9% 12 -64.7%

Santa Ana 92707 $372,500 -37.1% 21 -19.2%

Seal Beach 90740 $759,500 -6.5% 10 -37.5%

Stanton 90680 $322,000 -14.1% 16 -33.3%

Trabuco/Coto 92679 $717,000 -12.7% 24 -67.1%

Tustin 92780 $385,000 -34.2% 26 -31.6%

Tustin 92782 $570,000 -25.5% 28 -64.6%

Villa Park 92861 $1,260,000 -3.1% 3 -62.5%

Westminster 92683 $450,000 -24.9% 28 -40.4%

Yorba Linda 92886 $750,000 1.5% 27 -55.7%

Yorba Linda 92887 $677,500 42.6% 19 -50.0%

All resale houses $570,000 -18.0% 1,072 -42.8%

All condominiums $375,000 -18.5% 408 -51.3%

All new homes $516,500 -17.4% 183 -56.2%

All homes $506,000 -19.6% 1,663 -46.9%

Edited July 21, 2008 by Realistbear

[silver surfer]

I think it is a myth that the better areas hold up ion a crash.

Here is the breakdown of upscale OC where drops are horrific:

I'm not talking about OC, I'm talking about LA. I know a guy who lives in OC but does a 90 minute commute to our offices in LA every day. He wants to move closer to work, but says the price differential is now too great, in other words he'll get a lot less for his current house but the house he'd want in LA is only a bit less.

[twatmangle]

I think it is a myth that the better areas hold up ion a crash. I bought and sold in the Great Crash of '89 in Del Mar (very very upscale coastal) and the buyers sold on a year into the crash and lost $100k or about 30% less than I sold to them for.

I used to 'live' near there. A bit further north towards Carlsbad.

I liked it. Nice weather, long deserted beaches, beautiful national parks close by.

Nice to visit, nice to live for 6 months, wouldn't want to live there permanently.

[Realistbear]

I used to 'live' near there. A bit further north towards Carlsbad.

I liked it. Nice weather, long deserted beaches, beautiful national parks close by.

Nice to visit, nice to live for 6 months, wouldn't want to live there permanently.

I lived in Carslbad 1998-2003! My favourite spot on the coast. Yes, the beaches are wonderful and not at all crowded. However, I wouldn't want to go back as I found it a bit boring and too generic for me. Hard to know where to go for a quick drive to see something interesting after you have done the Zoo and Sea World. If you are into the beach it cannot be beaten.

According to the SD Union Trib the biggest hits are being taken on Coronado Island which has the highest median in the county.

The BIG problme facing CA is water and the lack therefo. If the Colorado dries up due to overdemand you will not be able to give houses away in that region.

[twatmangle]

I lived in Carslbad 1998-2003! My favourite spot on the coast. Yes, the beaches are wonderful and not at all crowded. However, I wouldn't want to go back as I found it a bit boring and too generic for me. Hard to know where to go for a quick drive to see something interesting after you have done the Zoo and Sea World. If you are into the beach it cannot be beaten.

According to the SD Union Trib the biggest hits are being taken on Coronado Island which has the highest median in the county.

The BIG problme facing CA is water and the lack therefo. If the Colorado dries up due to overdemand you will not be able to give houses away in that region.

Legoland, flower fields, the 'windmill mall' and the Armenian cafe. My favourite place was the microbrewery on the main street, but I have forgotten the name of it.. Porters or something with a P.