Wow.
California freefall: Home prices down 26% in February
Signs of distress are piling up in the California housing market, where prices are falling at three times the national rate of decline.
Statewide, median sales prices fell by a stunning 26% from year-ago levels in February, with home prices dropping at a rate of nearly $3,000 a week, the California Association of Realtors reports. Further, the CAR says the Fed's interest rate-cutting campaign "will have little near-term direct effect on the housing market."
In the San Fernando Valley, losing a home to foreclosure is now almost as common for families as buying a home. The L.A. Daily News: "During January and February, there were 1,084 foreclosures and 1,335 sales of houses and condos in Valley communities from Glendale to Calabasas, according to the San Fernando Valley Economic Research Center at California State University, Northridge."
"It's bad. It's really bad," market analyst Nima Nattagh told the Daily News.
The California Association of Realtors reports median prices fell 27.2% from year-ago levels in the hard-hit Inland Empire east of Los Angeles, 30.9% in Sacramento, and 39.1% in Santa Barbara County.
Shit.
Wow. So...I should totally buy a house! Soon, I will be able to buy one for five dollars!
::sigh::
And here I am trying to get a refinance. Argh.
Between daycare and rising food prices, we're clinging desperately to every last dollar that comes in. It's fucking ridiculous how much it costs to feed 3 people one of whom eats less than a full cup of food a day in this city.
Clinton has 98.5% of households Middle Class or lower. Obama has about 75% of households Middle Class or lower. I think it is really hard to go with Clinton's number. Obama's may be statistically reasonable, but where you live would really throws wrench into his number.
I hear you, Jessica. And Austin's a lot more affordable than NYC.
I'm... a little unclear on how economics works, but, aren't those free-falling prices the ones that were skyrocketing for no reason 3-4 years ago? So, basically, it's the totally predictable crash that brings prices back close to what they were?
Because I never understood why the prices went so high so quickly in the first place, except that they did so without me and made me bitter. (N.b. I did not turn to religion or guns as a result.) And I guess it's not unreasonable to be dismayed at the prices falling now, but, it was basically just invented money that is uninventing itself, right?
Clinton has 98.5% of households Middle Class or lower. Obama has about 75% of households Middle Class or lower. I think it is really hard to go with Clinton's number. Obama's may be statistically reasonable, but where you live would really throws wrench into his number.
I agree that saying "middle class" = "25-75th percentiles" is reasonable (based on the meaning of the word "middle"), but it has to be calculated locally. $100k in NYC and $100k in the middle of Iowa are not the same income level.
I'm... a little unclear on how economics works, but, aren't those free-falling prices the ones that were skyrocketing for no reason 3-4 years ago?
Yep.
So, basically, it's the totally predictable crash that brings prices back close to what they were?
Unless you managed to convince yourself that prices would continue to rise. Which it seems like most home buyers in recent years did. I dunno - it's the weird psychology of market bubbles, where people tell each other, "The usual rules no longer apply."
I think my definition would definitely stay below six figures. On the other hand, a living wage in, say, my town now has NOTHING to do with a living wage in New York, so that has to be considered, and I also think family size should be considered. So I might consider $150,000 for a family of six middle-class in New York, whereas here it'd be, well, high on the hog.
