The median price of an existing single-family home in California increased 6.2 percent in April and sales decreased 27.8 percent compared with the same period a year ago, C.A.R. recently reported. "April sales fell in part because of tighter credit standards and growing concerns about the impact of subprime loans on the market," said C.A.R. President Colleen Badagliacco. "Throughout the state inventory levels have increased to their highest levels in recent years, giving buyers more time to view a greater variety of homes and sellers who set realistic prices an edge in the market." San Diego real estate lawyers
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I believe prices will come down a little more in the next 6-18 months, but there are two things that are going to help stabilize prices. One is the Fed will start lowering rates this fall. That will bring adjustable rates down. The other is mortgages will start being 50 year fixed rate instead of 30 year. This happened in Japan and now the 50 year fixed rate mortgage is standard. I think home prices in San Diego will decline another 5% or so but then will flatten out for years. San Diego liposuction
Now that the bubble is collapsing and prices are moving in the right direction, we need to think long and hard about ways to extricate housing from the hands of speculators and the agents/brokers who thrive off that market: during peak, fliptards were making $150k in a 6 month period! Why? Simply because everybody realized you COULD make $150k in a 6 month period! You’d be stupid NOT to! This bubble was started entirely by government policies. acne prevention