Fitch Rating: California home price to fall another 36% from Q1 2009

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Submitted by carlsbadworker on June 15, 2009 - 1:00pm

Fitch rating estimated that from the first quarter of 2009, home prices will fall an additional 12.5% nationally and 36% in California, with home prices not exhibiting stability until the second half of 2010. To date, national home prices have declined by 27%. Fitch Rating's revised peak-to-trough expectation is for prices to decline by 36% from the peak price achieved in mid-2006. The additional 9% decline represents a 12.5% decline from today's levels.

http://finance.yahoo.com/news/Fitch-Take...

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I hope they're right. Would
Submitted by AN on June 15, 2009 - 1:59pm.

I hope they're right. Would be nice to pick up some investment properties at the level they're predicting.

San Diego County home prices
Submitted by sunny88 on June 16, 2009 - 10:57pm.

San Diego County home prices inched up $5,000 to reach a median $295,000 in May, MDA DataQuick reported Tuesday. The increase was propelled by an improvement in resale condos and new-home purchases, even as resale houses remained unchanged from April.

As prices rose, sales fell 3.9 percent from April to 3,242 transactions, although they were up 8.8 percent from May 2008. Over the last decade, May has occasionally trailed April in sales.

It was the first time since last January that sales were lower than the month before but the 11th straight month of a year-over-year increase – albeit, the smallest since August's 1.8 percent rise.

The overall median has now risen $15,000 from the low of $280,000 set in January. However, it is 22.4 percent below year-ago levels and 43 percent below the all-time high of $517,500, set in November 2005.

The single-family resale median was $325,000, unchanged from April, and $6,000 above the most recent low set in March. Sales totaled 2,068, down from 2,207 in April but 16 percent above May 2008 levels.

Resale condos turned in a median of $199,000, up 9.3 percent from April's $182,000 but down 30.8 percent year-over-year. There were 974 sales, down from 987 in April but up 10.2 percent from May 2008.

The new-home category, including both new construction and condo conversions, had a median price of $476,000, compared with $438,000 in April and $435,000 in May 2008, a 9.4 percent improvement. There were 200 sales, up from 181 in April but down 36.1 percent from May 2008.

This has been covered
Submitted by Rt.66 on June 17, 2009 - 9:18am.

This has been covered extensively.

The median will GO UP, while prices continue to come down. As the super sticky high end of the market finally succumbs and bigger deals start to close (even though they are at 60% off bubble prices) the median will tick up. No shit right?

That -36% is in the bag.

If California goes down
Submitted by Eugene on June 17, 2009 - 1:30pm.

If California goes down additional 36%, San Diego will be cheaper than Austin, way cheaper than Denver, and barely above Dallas. Sacramento will be cheaper than Boise and tied with Omaha.