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Author Topic: Median home prices in 2011 decline from 2010  (Read 633 times)

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Offline USCTrojanCPA

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Median home prices in 2011 decline from 2010
« on: February 03, 2012, 03:34:10 PM »
Here's the article from The Register:

http://lansner.ocregister.com/2012/02/02/home-selling-prices-drop-in-90-of-o-c/158065/

Newport has the 3 highest zip codes for median home prices.  None of the Irvine zip codes get into the top ten.  With no surprise, the most expensive Irvine zip code is 92603 (SOUTH of the 405). 
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Offline irvinehomeowner

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Re: Median home prices in 2011 decline from 2010
« Reply #1 on: February 03, 2012, 03:59:44 PM »
But I thought 2009 was the bottom?  ;)
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Offline waitin4ever

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Re: Median home prices in 2011 decline from 2010
« Reply #2 on: February 03, 2012, 04:40:49 PM »
Actually, The prices definitely seem to have declined atleast 7-10% for sure in the last year in Irvine. This includes
my own home (based on refi appraisal, as there are no idential sale yet) in WBE from 2010 collection and certain listings i see in oak creek in the tracts that i was interested in the past.

Quote from: irvinehomeowner on February 03, 2012, 03:59:44 PM
But I thought 2009 was the bottom?  ;)
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Offline IndieDev

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Re: Median home prices in 2011 decline from 2010
« Reply #3 on: February 03, 2012, 04:58:46 PM »
Quote from: waitin4ever on February 03, 2012, 04:40:49 PM
Actually, The prices definitely seem to have declined atleast 7-10% for sure in the last year in Irvine. This includes
my own home (based on refi appraisal, as there are no idential sale yet) in WBE from 2010 collection and certain listings i see in oak creek in the tracts that i was interested in the past.

Quote from: irvinehomeowner on February 03, 2012, 03:59:44 PM
But I thought 2009 was the bottom?  ;)

2012 is going to look ugly for those North of the 405 Irvine communities. I think IHO may actually pull the trigger later this year.
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Offline irvinehomeowner

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Re: Median home prices in 2011 decline from 2010
« Reply #4 on: February 03, 2012, 05:01:19 PM »
The icicle is loaded.
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Offline Liar Loan

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Re: Median home prices in 2011 decline from 2010
« Reply #5 on: February 06, 2012, 11:42:45 AM »
Quote from: irvinehomeowner on February 03, 2012, 03:59:44 PM
But I thought 2009 was the bottom?  ;)

Prices increased significantly in 2010 due to tax credits and the like.  The YoY decline in 2011 put things back in the 2009 price range, although I don't think the absolute bottom has been breached on a countywide basis.

http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----
Case/Schiller (seasonally unadjusted) for LA/OC:

May 2009 - 159.18
Nov 2011 - 163.92

This suggests prices are still about 3% higher than the 2009 bottom.
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