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No one in Southern California will argue that prices are not going down. We all see it. They may argue how far they will fall though. Either way, I think myself and most buyers prefer not to try and catch a falling knife. Better to buy in when we know we'll have equity in 2 years rather than a mountainof debt, even if we lose a little appreciation in the process.
I agree, Telli.
Agent Smith is right in my hood. He's trying to drum up business because he knows very well that not a thing is selling around here.
Peter Schiff predicts that house prices in California are going to fall below the national average before they recover.
Hello. Agent Smith has not been on Zillow for 3 months. Let's respond to RECENT posts.
Willsmith agent. Your logic is so ridiculously flawed it's not even funny. You must not be a very succsesful agent. And thank God for that because this is the beautiful byproduct of this bubble: weeding out the wannabe uneducated ignorant agents. Good riddance.
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35% drop in LA?
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The Daily Bulletin. ?The long-anticipated ?adjustment? in housing prices hit the Inland Empire with a vengeance last month, with CAR reporting Tuesday that year-over-year home prices fell 7.4 percent in Riverside/San Bernardino.?
?They fell even further in the High Desert, off 13.7 percent from August 2006. The median price of a home in Riverside/San Bernardino was $377,130 in August, while the High Desert slipped to $287,390.?
?Economist John Husing of Redlands said none of this was really that unexpected, and that the overall effect of it probably wouldn?t be as bad as some people think. ?In the decline of the mid ?90s, we saw a 35-40 percent drop in prices,? he said. ?I think when all of this is done, we?ll see prices 10 percent lower and then they?ll stay there for a while.??
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