LA times big so cal December #s

Hormiguero_IHB

Hormiguero_IHB

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<a href="http://www.dqnews.com/Charts/Monthly-Charts/LA-Times-Charts/ZIPLAT.aspx">Here's the big Kahuna, LA, OC, Riv, SB, Ven, Santa Barbara </a>



Quite the train wreck, though the total lack of volume on the high end says as much as the disastrous SFR -40% y-o-y medians
 
Awesome. I'm moving to Palmdale (93591) 23 homes sold for an average of $65,000, a 73.5% decline.



or maybe Hemet, San Bernardino, Adelanto or Desert Hot Springs
 
An interesting point is that when you look at some outlying communities where prices are below $75/sq. ft. sales are picking up - places like Victorville and Desert Hot Springs. If these are owner-occupied it might be the start of the bottom. If it's "investors", even people planning for cash flow renting, it's another round of knifecatchers - I don't think these places (mostly McMansions) will ever be good rentals out in these low-rent districts.
 
Many of them are selling to private equity groups which buy 30, 40, or 50 properties at one time from a lender such as Countrywide for $0.60 on the dollar. The group then sells the properties individually at a profit. Both the sale from the lender and then from the investor are counted as sales.
 
Palm Springs 92262 33 $345 -17.6% 16 $146 -27.0% $132

Palm Springs 92264 11 $395 -19.0% 22 $209 -22.1% $188



Harumph. Let's get a move on ! Drop, dam*it.
 
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