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12 years ago

We are well below the last
We are well below the last peak and down from the same point two years ago.

I call that a “double dip” cuz the second dip doesn’t have to be below the last one to be a second dip.

12 years ago
Reply to  sdduuuude

Think there may be a problem
Think there may be a problem as the first trough around April ’09 looks lower than now, but if you look at prices in general I’m pretty sure they are lower now. Maybe the graph needs to be splined to the present. I’m pretty sure prices didn’t drop on average 5% in the last couple months.

12 years ago
Reply to  Rich Toscano

I think I was fixated on the
I think I was fixated on the title too much and was reading the graph as reported % change from month to month. I’m sure the graph is from cost/sq.ft. numbers. Maybe my glasses are rose colored but it seems to me we are below the low in the spring of ’09. Does it seem reasonable Rich?

12 years ago
Reply to  moneymaker

I think I have seen a 5+%
I think I have seen a 5+% drop in my area in the last few months. The question is whether its seasonal or not and due to lack of demand this time of year. Some pretty nice houses are sitting on the market about 50K below where they would have sold last Spring/Summer. I dont know whther its the slow time of year and these will get snapped up in a couple months or not. Any new listings will have to deal with these as comps.

Going back I expected a 5 to 10% decline last year and it never came. That is until the last 2 months when it seem like the market pretty much stopped and the decline came. Its going to be an interesting Spring.

12 years ago

That’s interesting. For
That’s interesting. For anyone curious, LA’s declines were larger. Month to month, the low tier was down 0.8%, the middle tier fell 0.9%, and the high tier decreased 1.5%. This is the third successive month of declines, and a 1.5% decline for the high tier strikes me as being significant. I believe these are not seasonally adjusted. The median decline for my area (Santa Barbara) was close to 10% last year. If it drops again in January, the median will clip the psychological $600k barrier, and that will make the buying community more nervous than it already is. Hey ho, Hey ho! And off to work we go, Diddley dum, diddley dum. With the powers vested in me, I beseech Ye Oh Great One! Let prices continue to fall so me and the old lady can buy a little shack o’er yonder.