LA times big so cal December #s

[Hormiguero_IHB]

Here's the big Kahuna, LA, OC, Riv, SB, Ven, Santa Barbara

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

 

[ABC123_IHB]

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

 

[ipoplaya_IHB]

Interesting that AV is holding up so well...

 

[FairEconomist_IHB]

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.

 

[awgee_IHB]

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.

 

[Trooper_IHB]

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.