Housing prices fall 6+%
 

I would always wonder about CA and other markets (including SLC), "how do normal working people afford homes in those areas?" Mystery to me.

I guess the truth is that they couldn't/can't.

http://money.cnn.com/2007/12/26/real...ex.htm?cnn=yes

It's fascinating to watch. I can't help but feel a little bit of guilty pleasure after watching so much lunacy during the run-up of the bubble. If I didn't like my current home so much, I would be tempted to do some bargain-hunting.

As I have said to VV over and over again, please come down to South County and help me find all these bargain basement homes that everyone is talking about.

6% drop means that a detached 4 bedroom that was selling for 1.5MM is now selling for 1.4MM.

Wow, I'll take two!

you can still bargain hunt!! Just use them as rentals
 

The prices will rise again and you'll make a load of money on the increase.

VV, where have you been? Merry X-mas, you old tycoon!

heh trip
 

Lots of trips in last month. Currently in Vegas. Surprised 2 kids and 5 grand kids in so. utah for Christmas. Before that, cancun for a week and Miss, Ala for a week. Back to Texas today. San Diego down 11% according to article. You must be in a lucky spot. LA and sd on both sides of you getting killed. I hope yours holds up. Happy Holidays..

Happy Hols back to you.

SD is dropping 11%....so, my same example holds true. A home in SD that was selling for $1.4MM (an average 2300 sf home) is now selling for about 1.2MM.

Any new young marrieds want to step up and buy one of those? It is a steal!

In Irvine, Newport Coast, etc, I havent seen anything we can jump to yet. And VV, how long have we been having this conversation now? A year? I hope someday we can, but for now, no way.

stay tuned.
 

This same conversation will go on for AT LEAST another year in most areas. We'll keep checking in . I still hope yours holds up, but don't believe it will, imho.

It may not. Likely not. But even if it drops 20%.....still too expensive.

How much did the market drop. Now there was bargain territory.

I am not recommending anything here!!!!!! I have noticed Zions bank is down about 80%, Washington Mutual 200%, Citi bank down almost 100%.

Now I am not brilliant, but if the housing market comes back, won't the banks have to too.