The weekly asking prices continue the downward spiral. The low end seems to be slowing down a bit, only dropping $5k (2.8%) in the last month. The median asking price made a much larger fall. Dropping from $248k all the way to $236K. That's a 5% drop, or 12K in the last month. The high end also lost $12k in the last month.
| Trend | 09/28/2008 | 1 month | 3 month | 6 month | 12 month |
| Median Price | $235,900 | -5%
| -12.6% | -26.3% | -42.5% |
| Inventory | 12,347 | -10.9%
| -9.7% | -12.1% | -18.8% |
Historical Data
| Date | Inventory | 25th Percentile | 50th Percentile
(Median) | 75th Percentile |
| 09/28/2008 | 12,347 | $174,900 | $235,900 | $332,900 |
| 09/21/2008 | 12,368 | $175,000 | $239,900 | $337,655 |
| 09/14/2008 | 15,443 | $177,900 | $240,000 | $339,000 |
| 09/07/2008 | 14,569 | $179,900 | $244,900 | $340,000 |
| 09/01/2008 | 13,852 | $180,000 | $248,000 | $345,000 |
| 08/29/2008 | 13,590 | $180,000 | $249,000 | $349,000 |
5 comments:
I am in escrow but having second thoughts due to this placebo bailout & having the house stripped of copper ( AC & electric). Originally bank took a ridiculously high offer which fell through. But even now asking price has lost its luster. Thanks for the weekly tumbles. Seems like the short period of snapping up properties only 1-2 days on the market are gone. How low can Norco go?
I wonder how much more % will come off the prices now in Riverside within the next 6 mo's to a year.
I suspect some more will come off, but I fear that interest rates are going higher and lending will be so hard to qualify for, that the only people who will get the real deals will be cash buyers. Or I could be just guessing... kinda like all the "experts" and policy makers we see daily on the boob-tube.
Interest rates may go higher but as long as the prices fall it usually works out cheaper. Plus interest rates can fall you loan balance usually doesn't. Also your taxes are based on the purchase price and not your monthly payments. A lower purchase price means lower taxes for as long as you own it. Overall a lower price and a higher interest rate is usually better. If the rates go up that will tend to drive the prices down. I still think we have another 20% to 30% to fall from where we are now in most areas. I doubt San Jacinto, Hemet, Perris and MoVal will fall much more. They are already down 50% to 60%.
Golfer x
I would like to post my personal experience, if you don't mind. We got an offer accepted at the beginning of Sept, great deal, everything went smoothly. Clean REO, our offer was accepted at 330 and we were packed and ready. Sept 30 we were scheduled to sign docs to close, we get an email from escrow stating that the property was taken off the banks inventory list. To our surprise this house was a Lehman Bros.property, which went under 11 days ago. According to our escrow company nothing can be done, they had 45 escrows fall yesterday due to the same issue. If I might add or contract states closing date of 10/17/08, apparently these houses had to close prior to 9/30. We are bumed as heck, what is happening to this market?
PS stressed
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