Noh, Noh, Noh, Noh, Noh! LA and OC are seeing tremendous price declines. Many sellers are finally sucking it up and reducing their prices. Verifiable Facts! In Rancho Santa Margarita alone, many homes are short sales. Many listings reference “BIG PRICE REDUCTION” and many of the properties for sale remain vacant. I am personally watching North Orange County inventory and I keep track of it daily — it continues to climb. Certain cities hover at a particular number, but others go up fast.
I also track foreclosure numbers, in particular, REO properties — they are also climbing in San Diego, Orange, Los Angeles, Riverside, etc. When the banks finally unload the hordes of REOs they are holding on their books, that’s going to do a lot to adjust the median price DOWNWARD.
Then, we have Bear Stearns — even Wall Street is saying their situation is just the tip of the iceberg and that more of the same will occur.
Also, if it is so great, why would government get involved to make laws and protect people’s stupid decisions to get into a home/loan they couldn’t afford? Doesn’t the government have bigger and better things to do?
