California real estate drops 26% in 1 year

[Herman Munster]

Freefall.

http://latimesblogs.latimes.com/laland/2008/03/california-free.html

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."

[tammywammy]

1. This belongs in GD

:)

[LakeSamish706]

2. It may belong in GD but I find it interesting and very sad at the same time. n/t

[FrenchieCat]

3. Yep, my house dropped by 16%!

That's why I voted for Obama. We need change!

[DJ13]

4. dropping at a rate of nearly $3,000 a week

Damn, I'll have to pay someone to take my house within a year at this rate.

:cry:

[featherman]

5. Hey... does that count MY house too? Luckily I have no need or intention

to sell

[Auggie]

6. Except in San Francisco. They were up in February.

[cottonseed]

9. Yup. Bay Area won't budge.

Gobama!

[Auggie]

12. North Bay went down. Even Marin County.

[frogcycle]

7. all those mudslides

real estate dropping into the ocean

[whistle]

8. How have home tax assessments and property tax rates responded in that state?

[UALRBSofL]

10. Herman, I live in Florida and it's as equally as bad here

I'm concerned with selling my house because I'm losing a lot of equity selling this year.

[againes654]

11. This makes me sad

My sister just bought a house in N. Cali last year.