Southern California home prices fall to 2002 levels

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Hey, look at that, looks like the average median has fallen more than 50%...
 
freedomCM said:
unfortunately, the CS index has not fallen like the median. just goes to show the pitfalls of using median/mean prices.
Click to expand...

Through November, LA CS is down 36%, SD CS is down 39%. I doubt December and January saw price increases.

And if you add in Riverside and SB Counties where the real carnage was...
 
Thornberg believes home prices have another 25% to 30% to drop. They may be historically low, but "in the past four or five months, unemployment has been through the roof," Thornberg said.

Fearing for their jobs, many potential home buyers are putting off a purchase. Others simply can't buy anything because they are already out of work.

Thornberg forecasts that California home prices will fall until the middle of 2010, when they will begin to slowly creep up.

While I doubt the 2010 part, I like the 25/30% prediction !
 
No_Such_Reality said:
freedomCM said:
unfortunately, the CS index has not fallen like the median. just goes to show the pitfalls of using median/mean prices.
Click to expand...

Through November, LA CS is down 36%, SD CS is down 39%. I doubt December and January saw price increases.

And if you add in Riverside and SB Counties where the real carnage was...
Click to expand...

yes, for november they are down to 175 in LA MSA (jan04), 155 in SD(jan03), and 135 in SF(apr02)

Not close to 2002 levels in SoCal...and for LA to return to 100 (jan2000), that means an additional 40% drop is still coming.
 
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