In a MDA DataQuick press release, they said the median home price in San Diego County stayed at $325,000 last month, unchanged from August.  The overall median nearly matched its year-ago level of $328,000. Also, the median price dropped from a year earlier in most Southern California counties except Orange County, where the median rose 0.9 percent to $429,000. San Bernardino had the biggest price drop, with its median falling 27 percent to $150,000.
Sales climbed from a year earlier in four counties and fell 5.3 percent in Riverside County and 3 percent in Ventura County. Los Angeles County had the biggest rise, with its sales increasing 14 percent, MDA DataQuick said.
Although more than half of all resale homes that changed hands last winter had gone through foreclosure, last month it was down to 36 percent.
Still, business appears to be picking up for real estate agents, at least slightly. The tally of 10,569 homes that changed hands during this year’s third quarter was up 6.3 percent from a year earlier and was the highest volume for any three-month period since 2006.
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The price of housing NEEDS to go down another $200,000! Why should our tax dollars and the Federal Treasury print monies to devalue our dollars to keep people in overpriced housing they could not afford to begin with? They can walk away now and buy cheaper homes.
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I remember in 2005 that it seems every month the paper reported that real estate sales were down by double digits though the values seem to be holding up. You would think an intelligent person would realize sales cannot drop by such a magnitude without values following.
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It’s simple. House prices have to come down to pre-bubble level. It’s hard to take for a lot of folks. But that’s reality.
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Peter Lynch has been quoted as saying the following:
“You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, you won’t do well in the markets.”
Peter understands this is reality. Do you? Just as there are ups and downs in the stock market, there are ups and downs in the real estate market.
Welcome to reality!
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