LA has dropped 20%. People say the “industry” here isolates it, but it’s simply not true.
Chris Thornberg:
“…the problem we have out there is that prices in much of California tripled over the course of the last 10-12 years – tripled – and then when you look at incomes that went up by 30% well that doesn’t make any sense. You cannot have home prices go up by 300% and incomes go up by 30&, that makes no sense, and we’re seeing the back end of that.”
The Housing Market’s Falling Prices – KQED Public Radio, Forum 2008-06-30
This of course varies by location, but the point stands.