California Housing Much, Much Worse
http://www.car.org/index.php?id=MzgzNzc=
I forgot to share this one.
"Home sales decreased 28.5 percent in February in California compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today"
Wait! Back in December they said that home sales would drop 4%.
Meanwhile, look at how the SF Bay Area is doing:
"Statewide, the 10 cities and communities with the greatest median home price increases in February 2008 compared with the same period a year ago were: Encinitas, 25.7 percent; Santa Barbara, 23.4 percent; Walnut Creek, 21.5 percent; Redwood City, 14 percent; Carlsbad, 10.9 percent; Sunnyvale, 5.3 percent; Mountain View, 3.4 percent; Rancho Mirage, 2.6 percent; Santa Monica, 1.5 percent; Los Angeles, 1.5 percent; Santa Clarita, 0.9 percent"
Not high end areas like Los Gatos, Palo Alto or Cupertino. Blue collar areas like Sunnyvale and Redwood City.
Meanwhile, another $300B of loans has yet to re-set in California. 26% drop? This is going to get ugly.
San Diego has fallen to 2003 levels and they were at the lead of this bubble. So the Bay Area is easily 1 year lag. Once it starts to drop, however, look out.
I forgot to share this one.
"Home sales decreased 28.5 percent in February in California compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today"
Wait! Back in December they said that home sales would drop 4%.
Meanwhile, look at how the SF Bay Area is doing:
"Statewide, the 10 cities and communities with the greatest median home price increases in February 2008 compared with the same period a year ago were: Encinitas, 25.7 percent; Santa Barbara, 23.4 percent; Walnut Creek, 21.5 percent; Redwood City, 14 percent; Carlsbad, 10.9 percent; Sunnyvale, 5.3 percent; Mountain View, 3.4 percent; Rancho Mirage, 2.6 percent; Santa Monica, 1.5 percent; Los Angeles, 1.5 percent; Santa Clarita, 0.9 percent"
Not high end areas like Los Gatos, Palo Alto or Cupertino. Blue collar areas like Sunnyvale and Redwood City.
Meanwhile, another $300B of loans has yet to re-set in California. 26% drop? This is going to get ugly.
San Diego has fallen to 2003 levels and they were at the lead of this bubble. So the Bay Area is easily 1 year lag. Once it starts to drop, however, look out.
posted by Andrew at
3:25 AM
2 Comments:
"...Blue collar areas like Sunnyvale and Redwood City."
Sunnyvale and Redwood City are not considered to be blue collar :0
Aw, c'mon. I lived in Sunnyvale. It's blue collar. And redwood City is blue collar until you get to the hills (and even then it has its places). Maybe not as blue collar as San Bruno.
Can we agree that neither place is a preferred destination?
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