Tuesday, April 28, 2009
From across the pond: how low can they go?
Here is the price history for the featured 1,442-square-foot home: July 1997: $60,000 August 2006: $330,545 January 2009: $96,000 This isn't an outlier; this is pretty much the neighborhood average. Homes similar to this 1,442-square-foot, single-family house have been selling left and right in the $100,000 to $120,000 range in this area. Dropping into five figures isn't uncommon. How much is the mortgage payment on a $96K home? Probably just over $500 per month for principal, interest, tax, and insurance. ------ [The number of transactions seems to be picking up in California now that prices have fallen to affordable levels. I wish the UK would hurry up and crash properly too!]