4 Major California Home Markets See Drop In Prices

Associated Press ^ | September 20, 2006

[GodGunsGuts]

Sep 20, 2006

4 Major California Home Markets See Drop In Prices

(AP) LOS ANGELES A real estate research firm says the median price of a California home increased last month at the slowest annual rate in nine years.

Four counties actually saw price declines. Among the largest real estate markets, according to DataQuick Information Systems, the steepest drop was 6.7 percent in San Mateo County. Other decreases were seen in Marin County (2.3 percent), San Diego County (2.2 percent) and Alameda County (1.5 percent).

Appreciation in Sonoma, Santa Clara, San Francisco and Contra Costa counties was essentially flat.

The statewide median price was $472,000 in August, a 3.5 percent hike over the year-ago period. It was the slowest increase since June 1997, when statewide home prices rose just 2.8 percent.

(© 2006 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

[Chuck Dent]

Enjoy the weather, I'll go enjoy shooting.

Most Calif natives long for the past before it got too crowded ie the good 'ole days. Imagine what it looked like for the 49ers; there's a reason CA was called the 'Bear Flag' republic (and has a picture of a big grizzly bear on its flag). I think the last one was killed off in 1922.

[montag813]

New York City prices went up and sales are increasing. What gives?

[durasell]

Down 100% means you're walking around with a wooden barrel held up by suspenders, like in the cartoons. Losing 100% of anything is pretty much losing it all.

[NathanR]

Actually, down 100% is pretty much a bust.

Pesky arithmetic. LOL

[Howard Jarvis Admirer]

I'll take it! $45 million in Zimbabwe dollars I can afford. I think that comes out to the equivalent of 90 cans of beer in Zimbabwe @ a half million dollars per can.

ATTN: LOAN OFFICERS and REAL ESTATE AGENTS! Looking for the next big thing? You are needed in Zimbabwe! Did you know that there is a real estate bubble in Zimbabwe? You can become a multi-millionaire with one real estate deal in Harare.

PS It is not because the price of houses in going up, but rather because the value of the Zimbabwe dollar is going down. Anyone with three U.S. dollars can become a millionaire in Zimbabwe by exchanging his money and buying a wheelbarrow to carry the cash in. :)

[GodGunsGuts]

LOL!...I'll try to do better, Toddster.

[Toddsterpatriot]

I can't wait. Try to post more charts that prove gold has to go up to $1650. Those are always funny!

[GodGunsGuts]

Looks like it's beginning to happen nationwide:

http://www.bloomberg.com/apps/news?pid=20601068&sid=aUsngMqkj6BI&refer=economy

[Larry Lucido]

Where is your wrath when it comes to them?

Still wanting to know what is your prescription. ARMs aren't illegal, so locking them up won't work.

So, what do you propose? Make subprime loans illegal? Torch loan offices?

I'm not being (too) facetious. What do you propose?

[GodGunsGuts]

Glad you're getting a good chuckle out of this. I find you rather funny as well. All you guys talk about is how you hate "goldbuggery" and yet you bring it up all the time. Speaking of charts...all systems appear to be go for the next leg up. The charts look good, OPEC is considering a drop in output, the economy is slowing, etc. As per Durasell's reply above, I view this as an OPPORTUNITY, not the end of the world.

http://www.jsmineset.com/cwsimages/Miscfiles/3452_Charts250906-1.pdf

[hinckley buzzard]

"A drop in the rate of appreciation is NOT a drop in price? Geeeez."

Four counties actually saw price declines.

As advertised. It helps to read the article.

[Toddsterpatriot]

All you guys talk about is how you hate "goldbuggery" and yet you bring it up all the time.

Mocking goldbuggery is not the same as "bringing it up all the time".

The charts look good, OPEC is considering a drop in output, the economy is slowing, etc.

I know. And the triple deficits mean the dollar will crash and gold will be the only thing that can save us.

You'll have to translate, why do those scribbles mean gold has to go to $1650?

[GodGunsGuts]

I think lenders should be forced to disclose the dangers associated with ARMs (that is, be required to disclose worst case ARM adjustment scenarios where the borrower initials line by line). I think shady mortgage lenders should be fined and/or prosecuted. I think GSEs need to be closely regulated, and slowly decrease their acquisition of new mortgages over time to reduce the risk to the economy and Joe Taxpayer. In the end, we should be looking to completley privatize GSEs. And I think Greenspan should be tarred and feathered for encouraging ARMs in the first place.

http://www.businessweek.com/investor/content/sep2006/pi20060920_615117.htm?campaign_id=rss_null

[stockstrader]

It also helps to read the thread as I cited my error.

[GodGunsGuts]

They don't. They are short-term charts.

[antceecee]

; ~ )

Thanks for the info on the author.

[antceecee]

Beautiful this weekend... went for a sail around Long Beach shoreline... perfect weather.

[djf]

If you are a lender, do you lend tons of cash into a market if prices are falling?
I didn't think so.

[Larry Lucido]

Thanks. I'll read that and get back.

[Toddsterpatriot]

And I think Greenspan should be tarred and feathered for encouraging ARMs in the first place.

Greenspan did no such thing.