Ok, i live in a suburb of Sacramento and just in the last month i have seen drastic declines in what some people are asking for their homes. Some are almost reasonable prices. In my area alone there are many decent houses listed in the 180s now! (the bad areas are as low as 120s) These are for SFR, not condos by the way. Of course there are still some people asking alot for their homes but these are obviously ones that are just trying to get out of their mortgage. Realtors say median home cost in my area for 4Q 2007 was 260k. Back in december i remember that most people were asking 250k or more too. I think the numbers for my area for 1Q 2008 are going to see a 10% drop in median home prices and 2Q 2008 are going to see an even bigger decline. Another suburb on the other end of town is the same. Median home prices in that area were 308k for 4Q 2007 and there are hundreds of homes now in the 100k to very low 200k range up for sale. Any one else in a different city in CA that pays close attention to their real estate market seeing the same thing as I am seeing? I remember back in late 2004 and early 2005 there was a 6 month period where housing just jumped so big unexpectedly. I'm wondering now if we are in the exact opposite spot where housing is dropping huge unexpectedly and if when the numbers come out for 1Q and 2Q 2008 we will see normal buying and selling of homes again.
They were talking about the california housing slump on CNN this morning. They interviewed a man who bought a house for 240k last year and was now trying to sell it for 140. How are the real estate taxes out there?
What does it matters to you? Unless you have 10% down and good credit and you can verify income you are not buying anything now. BTW there are many online websites that list values of homes. You should evaluate values by studying empirical data and not going by your feelings.
http://online.wsj.com/article/SB120424677934501611.html?mod=hps_us_whats_news http://youwalkaway.com/faq.php Housing bottoming? Not with this type of incentive to walk away from negative equity situations it isn't.