Monday, April 14, 2008

median asking falls below $300k!

For the first time in a very long time the median asking price of a home in the IE has fallen below $300k. This weeks median fell another $5k from the previous week (At this rate homes will be free in just over a year...... (60 weeks)). The median asking is down 27.7% in the last 12 months. As you can see the price declines are still accelerating, with the last 30 days seeing a 6.1% decline, the last 3 months a 14% decline and a 20% decline over the last 6 months.

Trend04/14/20081 month3 month6 month12 month
Median Price$299,999-6.1%-14.0%-20.0%-27.7%

(SFH + Condo)
25th Percentile50th Percentile
75th Percentile


Martin Burtin said...
This comment has been removed by the author.
Martin Burtin said...

"At this rate homes will be free in just over a year...... "

I'll take a dozen, please. Btw, what commission do I have to pay my Realtard? Lemme see, uh... 6% of zero is... oh yeah and taxes, ummmm 1.8% of noth'n would be...

Oh well, I can dream.

golfer_X said...

We laugh, but in Detroit they practically are free in some areas. But it's different here, everyone wants to live in the IE....don't they? I wonder what the IE will look like if the Colorado dries up (like Scripps is predicting) in 20 or 30 years.

Terry said...

It's the water issue that keeps me thinking that renting is the way to go in the southwest for my lifetime. When water rationing starts, property in socal, nevada, arizona, etc. won't be worth squat.

David said...

Just wanted to say how much I enjoy reading this blog. Check out this monster of house. Electricity bill might be more then the Mortgage Keep up the great work!!


golfer_X said...

That house has been on the market for 297 days. It's almost time to celebrate it's first birthday!

Firsttimebuyer said...

Speaking of Water issues being a future problem. Did anyone catch the news last night?

They were discussing earth quakes and mentioning that Riverside county is candidate for large earth quake in future. So economic earthquake then the real deal afterwards?

yikes. I currently rent in North OC and have been praying for an opportunity to buy, but now that its close I am a nervous bride.

California's future is not looking to be as bright as Gold as it once was perhaps. But then I don't know what area in the US is either.

God help us all eh?

Firsttimebuyer said...

Oh, here is the specifics:

Riverside County is the South end of San Andreas and is "10 months pregnant." There is only about a 1% chance that we'll NOT have a large quake in the 6-7 range before 2038 according to geologists.

Google search for "10 months pregnant" and Riverside and San Andreas to read many articles talking about this between April 14-15th date.

Just in case that stuff interests you.

golfer_X said...

6 or 7's I can deal with, it's the 8.5 that worries me. But then again I drive the 91 fwy so I'm about 10000000x more likely to be hurt in a car crash than an earthquake. Worrying about earthquakes is silly. If that scares you, you can move to Washinton and worry about Volcano's, or move to Kansas and worry about tornadoes, or move to New York and worry about hurricanes or blizzards. Or you can suck down another beer and worry about having to buy another six pack on Saturday.

Santa Ana River Rat said...

firsttimebuyer, just make sure you are not on or near any of the 100 year flood map or any modified water channel projects. like golfer pointed out earlier about victoria grove community, if you plan to buy right next to dirt dam buy that flood/earthquake insurance and don't forget to pay the premium. Worrying about the earthquake is like Quasimodo worrying about running out of condoms. When the big one hits duck and cover won't do shit. it's totally pointless!

Sellin @ Da Drop said...

First Time Buyer is that you from the Zillow boards? oh my.

Homehunter said...

Hey Sellin,

Nope. That was not me. Don't know who you are talking about, but just so I don't get confused with some other first time home buyer...I've changed my name.

There are many of us out there who got screwed out of the opportunity to buy a house because of the feeding frenzy of investors, banks and realtors urging people to keep buying up.

So I'm waiting for opportunity to knock at the house I hope to buy someday. If it will come down another $85K so I can afford to switch from renter to buyer.

Hopefully this name is more unique. But never assume anything.

golfer_X said...

I'm sure you will get your house soon enough.

Check out this video on the mortgage resets and upcoming foreclosures.