Californian house prices drop $3000 per week

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Californian house prices drop $3000 per week

Shocking numbers show that Californian home prices are now in freefall, as home prices fell 26% PA in February.

Signs of distress are piling up in the California housing market, where prices are falling at three times the national rate of decline.

Statewide, median sales prices fell by a stunning 26% from year-ago levels in February, with home prices dropping at a rate of nearly $3,000 a week the California Association of Realtors reports.

In the San Fernando Valley, losing a home to foreclosure is now almost as common for families as buying a home. The L.A. Daily News:
... Quote:
During January and February, there were 1,084 foreclosures and 1,335 sales of houses and condos in Valley communities from Glendale to Calabasas

"It's bad. It's really bad," market analyst Nima Nattagh told the Daily News.

The California Association of Realtors reports median prices fell 27.2% from year-ago levels in the hard-hit Inland Empire east of Los Angeles, 30.9% in Sacramento, and 39.1% in Santa Barbara County.

On a percentage basis, the California price meltdown is more than three times as severe as the national decline of 8.2% in median prices reported this week by the National Association of Realtors.

On an absolute basis, the California meltdown is even more severe: Nationally, prices fell over the past year at a rate of $338 per week; in California, prices fell at a rate of $2,788 per week.

More depressing news on the link... http://latimesblogs.latimes...
By netchicken: posted on 27-3-2008

holy crap, well, im moving!
By dnavarre: posted on 30-3-2008

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