Home prices keep falling in February

[n2doc]

Prices in L.A. and Orange County drop 19.4% from the same month in 2007, one of the biggest decreases in the nation, an index shows.
By Peter Y. Hong, Los Angeles Times Staff Writer
11:14 AM PDT, April 29, 2008
Los Angeles and Orange County home prices were down 19.4% in February from a year ago, among the sharpest drops in the nation, according to an index released today.

That compares with a 12.7% overall drop among 20 metropolitan areas measured by the Standard and Poors/Case-Shiller Home Price Index.


Las Vegas showed the most severe year-over-year decline, 22.8%, followed by Miami (21.7%), Phoenix (20.8%), Los Angeles-Orange County (19.4%), San Diego (19.2%), Tampa (17.5%) and San Francisco (17.2%).

"There is no sign of a bottom in the numbers," said David M. Blitzer, chairman of Standard and Poors' index committee.

Charlotte was the only metro area to show an increase, 1.5%.

The index of 20 metro areas has now fallen 14.8% from its summer 2006 peak.

more:

http://www.latimes.com/business/la-fi-housing30apr30,0,5930483.story

[taught_me_patience]

1. It's the bottom!

Housing prices rose 300-400% in some areas and are now down 20%. BUY BUY BUY!:sarcasm:

[WilmywoodNCparalegal]

2. I'll be honest,

even here in southeastern NC with plenty of beaches and a near-dead real estate market, prices are still way overinflated and high. Just this Sunday I went through a fairly new subdivision in Brunswick County (which is the county right at the bottom right corner of NC, bordering on Horry County, SC, and near Myrtle Beach), with houses in the upper $600K range, ALL FOR SALE, none on the waterfront.

Even if I were a motivated buyer, I'd be hard pressed to purchase these homes because they are simply not worth it. Not to mention, but what kinds of jobs do these people have to afford these homes???

[DadOf2LittleAngels]

3. Im going to be spending the next 12-18 months saving up for a down payment

Maybe if prices keep falling Ill be able to get a proper house for my family (one with a yard and everything)