Where are prices stable? This Dataquick U-T zip code chart shows price drops in all of San Diego County. Bonita -16.5%, La Mesa -10%, Clairmont -12.7%. But I don’t put much stock in the median, because look at Mira Mesa, which is supposedly down only 2% from last year. Mira Mesa is almost dead, according to a realtor I spoke with today. Mira Mesa price drops are more like 20%, according to him. It was a first time buyer’s paradise, and the first time buyer is practically a relic. Condos and townhouses are also harder to sell.
So while each individual house is worth 2% – 20% less than the peak, the indexes and median do not reflect that at all. For that reason, Bob Casagrand did not publish the median in his last month’s housing report. He decided it is a useless number. What he puts the most emphasis on is the months supply. Most of all, each home’s value is unique for that zip code, neighborhood, and even street.
Thanks to Mr. Brightside, we know that downtown condos are dropping in price too.
ocrenter is showing us foreclosure flips gone wrong all over the Southland.
So the price drops are going on all over, and I’m puzzled why the OFHEO and Case-Shiller indexes are not reflecting that. Does anybody know why? That could be a thread of its own.
