california houses for sale
The bubble ended about a year ago, when prices peaked. At that time, the median price paid for a house was $484,000. According to an online data company that has been tracking local conditions, the same house would have declined to $402,000 by the end of 2007 and is still going down.
Their latest figures show that the median price for a home in January 2008 was $383,000; this same home would have been sold for $462,000 in January 2007
Houses are still for sale though; some people simply have to move and other people who have had their homes a long time will not record a loss. This is because whilst home prices have dropped, they have not gone lower than the 2003/2004 price ranges - as yet. Many people bought before then and therefore they still have equity profits in their homes
Equity losses have varied according to specific areas, but a 20% loss on a house price in the last year is not an outrageous figure and in some areas it is worse. Sales have reached record lows for the state, which is hardly surprising, given the realty climate. Who would willingly put their home on the market, knowing that the sale of it will represent a loss?
Almost across the board in California from Los Angeles, Orange, San Diego etc., the number of houses sold in February 2008 is roughly half the number that were sold in February 2007
Larger homes are now more difficult to buy, because the financing of so-called 'jumbo' mortgages has become more expensive and more elusive. Bargains to be had are more concentrated in the inland markets and in the newer suburbs
It is unfortunate for the rest of the housing community that you do not need to go into foreclosure to have the value of your property decreased. In fact, as the Governor of California said, "...foreclosures don't just hurt homeowners, they have an effect on all Californians through the economy and our state budget."
California has been affected more than any other state by the sub-prime mortgage crisis. When easy credit became available many people took a chance on following their Californian dream and large numbers of homes changed hands at the height of the real estate bubble
Recent reports have shown continuing increases in foreclosed houses and several western states are among the top ten states for foreclosure filing. These include Nevada, Arizona and California, with southern California showing an overall majority in that state
A condo may represent a good investment at this time, as many people will also be looking to rent if they have just come through a terrible foreclosure ordeal. With a renter paying down your condo mortgage, you would be able to stay put in your own home
Car collectors spend less, but auctioneers feel good (The Arizona Republic)
High-end car collectors cut their spending by $25 million in the Valley earlier this year but the auction houses are stepping up their efforts to move the precious metal.
OC Biz Wrap: Half-off hotel, repo'd houses (Orange County Register)
We know information flies fast these days! As a service for the many of you who simply can't keep up, here's snippet summaries of business blog posts created by Orange County Register reporters and editors on Dec. 3 Lansner on Real Estate Really?...
Sample letter to Coastal Commission OPPOSING San Mateo Supervisors’ LCP update (Coastsider)
By David Vespremi: Please don’t wait. Fax your letter to 415-904-5400 before 5 pm TODAY - Friday, December 4. ———————————————- December 4, 2009 RE: Agenda Item TH18.a Bonnie Neely, Chair & Members California Coastal Commission c/o North Central Coast District Office Charles Lester, Senior Deputy Director 45 Fremont Street, Suite 2000 San Francisco, CA 94105-2219 Via Fax: (415) 904-5400 Subject ...
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