Early May O.C. home prices below $500,000, We are already in the $400k territory baby!

[PANDA DREAMING OF IRVINE_IHB]

It is time to celebrate! We are in the $400k territory for OC median home prices! YYAHHOOOO!!!!! Happy, Happy Panda!!

Early May O.C. home price below $500,000

May 23rd, 2008, 9:23 am · 86 Comments · posted by Jon Lansner/O.C. Register columnist

Fresh homebuying stats from DataQuick shows you no longer need a half-million bucks to buy the mythical “typical” Orange County residence. For the 22 business days ended May 6, the median selling price was $490,750, a 22.1% drop from a year ago and 23.9% off the June ‘07 peak of $645,000. If the current pricing hold for all of May, it would mark the first time a month’s median had been below $500,000 since March ‘04.

March '08 Irvine Median Home Price: $622,062.50

April '08 Irvine Median Home Price: $614,375.00

May '08 Irvine Median Home Price: $576,562.50

http://lansner.freedomblogging.com/2008/05/23/early-may-oc-home-price-below-500000/

 

[no_vaseline_IHB]

I enjoy laughing at folks who bought bad, but frankly I'm not happy one bit at the fact the market has another 40% or so to go down.

I know somebody who got caught in a liquidity pinch (1984 or so) when the S&Lwent busto. It flat decimated a company with 100 employees, $15m in revenues, and 600 pieces of equipment - overnight- to a company with 12 employees and a million bucks in revenues. There just wasn't any money to loan and they had leverage.

When the big banks start falling (and they will) I suspect we'll see exactly this, and I'm not looking forward to it.

 

[Anonymous_IHB]

Those sorts of stats, plus stories of needing 20% down, make me think that this (below), might acutally happen for 2009.

http://www.ft.com/cms/s/0/3bdf1cc8-282b-11dd-8f1e-000077b07658.html

 

[no_vaseline_IHB]

And so I can take off my tinfoil hat for a while (if you saw the DIY HD antenna I made today for $10 that OWNS the $70 amplified one I bought you'd understand), today I'm not the only bozo on the bus.

Marketwatch is riding with me.

 

[no_vaseline_IHB]

Anon's link to the FT article that states the Jumbo market is gonna get frozen again unless Congress extends Fannie and Freddie's ability to buy them.

 

[PadreBrian_IHB]

Yeah with OTA HD all you need is a omni direction antennae. The more broad the better for orange county.

 

[PadreBrian_IHB]

Also glad to see averages go down again.

 

[irvinesinglemom_IHB]

very cute, Panda!