Home Prices in California Fall More Than 13%


	Home Prices in California Fall More Than 13%

BobbyDelray

1-16-2008 9:53 AM

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tags:

real estate, home prices, california

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1-16-2008 11:31 AM

ColoradoRight

Proving that no one can afford a house that is 9 or 10 times their income. History has shown that 3 to 4 times income is the maximum that people can handle without having problems.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/0cbef48b-3085-4bb6-80cf-b0368d2d74df/A623296B-4463-4856-8E51-20601301D2AC/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://blogs.wsj.com/developments/2008/01/15/prices-in-southern-california-fall-13/" href="http://blogs.wsj.com/developments/2008/01/15/prices-in-southern-california-fall-13/" style="font-size: 11px;">blogs.wsj.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/developments/2008/01/15/prices-in-southern-california-fall-13/">The Associated Press is reporting that the median home price in a six-county region of Southern California plunged more than 13 percent in December versus a year ago, according to DataQuick Information Systems.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/developments/2008/01/15/prices-in-southern-california-fall-13/">The average median price in Los Angeles, Orange, San Diego, Ventura, Riverside and San Bernardino counties hit $425,000 last month, the lowest level since February 2005, when the figure was $420,000, according to DataQuick. December’s median price dropped 2.4 percent from the November figure of $435,000.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/developments/2008/01/15/prices-in-southern-california-fall-13/"><div align="center"><img src="http://content9.clipmarks.com/blog_cache/blogs.wsj.com/img/BC57293E-784E-4BC9-9F10-B60C905959E1" alt="housing down" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/developments/2008/01/15/prices-in-southern-california-fall-13/">Home sales in the region, one of the hardest hit in the nation by the mortgage crisis, also plummeted compared to December 2006, dropping 45.3 percent to 13,240 — the lowest sales total for any December in more than 20 years</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/developments/2008/01/15/prices-in-southern-california-fall-13/">“We’re in the midst of turbulence and we won’t know what really has been going on until things have settled down and we can look back,”</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/developments/2008/01/15/prices-in-southern-california-fall-13/">California’s housing market has been hammered by falling sales and home prices</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/A623296B-4463-4856-8E51-20601301D2AC/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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