Home Prices Plunge Across California

[w¡n9Nµ7 §£@¥€r 123]

Median home prices plunged in many of California's most populous counties in February, with Southern California leading the slide with an overall drop of 17.9 percent compared to a year earlier, according to new housing data released Thursday.

...

Median home prices fell this year in 15 major counties, DataQuick Information Systems said.

The median price in a six-county area of Southern California fell to $408,000 -- the lowest level since October 2004, when it was $402,500. That median is 19.2 percent below the region's peak price of $505,000 last summer, and it's 1.7 percent below January's median, the firm said.

In the nine counties of the San Francisco Bay Area, the median price fell 11.6 percent to $548,000 compared to a year earlier and 17.6 percent from the region's peak median price of $665,000 last summer. Bay Area prices were essentially flat from January.

http://biz.yahoo.com/ap/080313/california_homes_prices.html

[mawilson 2,133]

A median price of $408,000? Ouch.

[w¡n9Nµ7 §£@¥€r 123]

A median price of $408,000? Ouch.

Ouch?

[mawilson 2,133]

A median price of $408,000? Ouch.

Ouch?

Isn't that a lot for the average Joe?

[YuAndDan 153]

A median price of $408,000? Ouch.

Ouch?

Isn't that a lot for the average Joe?

Yep, the prices are way to inflated, I am looking at homes in my local market, and like seeing homes in the 100,000 range.

[Trompe le Monde 1,107]

And that $408k will get you a very modest bungalow of less than 1000 sq feet in a bad area where I live

[w¡n9Nµ7 §£@¥€r 123]

Where I am (nowhere near Cali) 400K will get you a Cape Cod built 100 years ago, no updates in the last 60 years, with an underground septic tank on a main street

[mawilson 2,133]

And that $408k will get you a very modest bungalow of less than 1000 sq feet in a bad area where I live

Why do you suppose the prices are so high in California?

[Kazan' Tiger 1]

They all think they are movie stars, that's why!

And that $408k will get you a very modest bungalow of less than 1000 sq feet in a bad area where I live

Why do you suppose the prices are so high in California?

[Trompe le Monde 1,107]

Probably the same reason they got so high anywhere else - high demand and cheap credit

[simple_male 1]

And that $408k will get you a very modest bungalow of less than 1000 sq feet in a bad area where I live

Why do you suppose the prices are so high in California?

Some say, it is unofficial extra taxes for good weather. In same note, East Coast is very expensive too.