Wednesday, December 19, 2007

California Real Estate Update

"Home sale prices in six Southland counties tumbled 10% last month compared with November 2006--the sharpest year-to-year decline in the last 20 years, a real estate information service reported Tuesday. Sales volume dropped ... 43% from a year earlier. ... According to DataQuick, the median price for a home in Southern California fell to $435,000, down 14% from a peak of $505,000 earlier this year. ... Christopher Thornberg, a principal of Beacon Economics, in L.A., ... thinks that ... prices will fall through 2011", LA Times, 19 December.

I expect California real estate prices to fall for at least two more years.

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