Hey I’m back!
Data hounds: look at the posts earlier in the thread.
Also here’s something from the LA Times today. Interesting quote and supports my earlier post on unemployment in 90s vs now.
The Platinum Triangle wasn’t always on fire. During Southern California’s real estate downturn in the 1990s, Beverly Hills was among the first neighborhoods to slump. From 1989 to 1993 prices declined 40%.
“The last time, the high end was leading the charge on the way down,” says G.U. Krueger, who in the 1990s was the chief economist for the California Assn. of Realtors. “Now things are totally different.”
Krueger notes that the 1990s drop was triggered by job losses amid a broad economic downturn. The current housing malaise is largely driven by an affordability crunch at the lower end of the market, he says, as adjustable-rate loans ratchet higher and lenders tighten standards to counter rising defaults on mortgages.
From LA land blog:
Odd Fact: For all the hype, real estate prices in the “Platinum Triangle” have not kept pace with the rest of L.A. Over the last nine years, median sales prices in the “triangle” are up 127%; prices for all of L.A. County are up 229%.
