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4 Major California Home Markets See Drop In Prices
Associated Press ^ | September 20, 2006

Posted on 09/25/2006 8:41:42 AM PDT by 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 This material may not be published, broadcast, rewritten, or redistributed.)


TOPICS: Business/Economy; US: California
KEYWORDS: bubblebrigade; depression; despair; doom; dustbowl; eeyore; gloom; grapesofwrath; housingbubble; joebtfsplk; nonewland; theskyisfalling
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To: Centurion2000

I don't have any difficulty passing on it, I already live in paradise.


21 posted on 09/25/2006 8:56:24 AM PDT by AprilfromTexas
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To: All

By the way, locally, I've seen properties drop over $100K so far this year (20%+).

In my Sunday paper, there were several articles about people dropping house prices and still not selling. These people interviewed were quoted as saying they've dropped their prices anywhere from $40K to over $100K and still haven't sold.

There was a large article about condo-conversions, and how the developers have had to put the properties back to rentals since they couldn't sell them

Then there were ads from the large home builders, that actually listed new properties for sale. In these ads they actually listed the original asking price and then the amount of each price reduction, trying to tempt buyers. These reductions listed averaged $40,000, but several were higher, with one reduction of $100,000.

I'd say there's a lot of evidence of more then a brief "price correction".


22 posted on 09/25/2006 8:58:39 AM PDT by OhhTee5
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To: wideawake

Not everything. But gold should comprise about 5-10% of your portfolio, just in case.


23 posted on 09/25/2006 8:58:55 AM PDT by GodGunsGuts
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To: GodGunsGuts
The statewide median price was $472,000 in August, a 3.5 percent hike over the year-ago period.

good grief...were all doomed..
24 posted on 09/25/2006 8:59:13 AM PDT by stylin19a (I'm not just long, I'm Lama long !)
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To: Petronski

I don't pray for anything, I just use available information.


25 posted on 09/25/2006 8:59:45 AM PDT by dalereed
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To: AprilfromTexas

I've always wanted to visit Texas. One of these days...


26 posted on 09/25/2006 9:00:00 AM PDT by GodGunsGuts
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To: dalereed

You said you hope there is another depression so you can profit from the misery of others. More than once you have said this.


27 posted on 09/25/2006 9:00:26 AM PDT by Petronski (Living His life abundantly.)
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To: stylin19a

Just keeping you posted.


28 posted on 09/25/2006 9:00:57 AM PDT by GodGunsGuts
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To: OhhTee5

A fall in, or discount of, listing price is not a drop in value.


29 posted on 09/25/2006 9:01:41 AM PDT by Petronski (Living His life abundantly.)
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To: GodGunsGuts

Conservatives are welcome anytime!!! Enjoy!!


30 posted on 09/25/2006 9:02:37 AM PDT by AprilfromTexas
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To: GodGunsGuts
The title of the article is wrong, just plain wrong. How can you possibly post somethat that is just plain wrong?

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

That's as disingenuous as the democrats saying that CUTS in the RATE of INCREASES in social spending is a CUT in spending.

That's not only disingenuous, it is dishonest--just like the title of this article.

31 posted on 09/25/2006 9:06:58 AM PDT by stockstrader
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To: Petronski

Sure do, just biding my time.


32 posted on 09/25/2006 9:07:25 AM PDT by dalereed
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To: Petronski

Exactly. More like overly optimistic initial pricing...


33 posted on 09/25/2006 9:07:25 AM PDT by cinives (On some planets what I do is considered normal.)
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To: jennyjenny

I got out of there a number of years ago, never to return. But many people have refinanced their homes to take advantage of the appreciation of the past. Now the owe $300,000 on a home they originally paid $140,000 for. If the value of the property falls below what they owe... Well, can you say massive bankruptcy? If that should happen the banks, mortgage companies, real estate lenders will be right behind and many of them hold mortgages in your town too.
It could get messy and we can't lose sight of the fact that some foreign governments would be happy to help it along by moving some of their investments away from the U.S. I don't try to predict the future but I do watch those who make their living by correctly doing so. When they get nervous, I do too.


34 posted on 09/25/2006 9:07:32 AM PDT by oldfart (The most dangerous man is the one who has nothing left to lose.)
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To: Centurion2000
Why would nice weather, illegals overrunning the country and earthquakes be worth half a million in cash? - It just IS. All things are relative; we could not afford a 1/2 million $ house unless you are making comparable money. Napa, Mendocino, Yosemite, and Tahoe are just a few reasons it is great to be in NorCal. One seldom sees illegals, we see housekeepers, busboys, and gardeners working. The earthquakes last 5 seconds and happen once every few years, seldom are they strong right where you are. Having said that my home value is up 35% in three years. If it wants to stay flat, that is okay with me.
35 posted on 09/25/2006 9:09:11 AM PDT by SF Republican
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To: GodGunsGuts

I apologize. There actually WERE 4 counties with price drops. I guess I have repsonded to too many other postings here where there were not price drops. I was wrong on this one.


36 posted on 09/25/2006 9:09:18 AM PDT by stockstrader
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To: stylin19a
The statewide median price was $472,000 in August, a 3.5 percent hike over the year-ago period.

That would have been a more accurate headline.

37 posted on 09/25/2006 9:14:18 AM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: John Jorsett

2008: Snakes in a house ! Snakes in a motherf$$$ing house !!!

. . . with your Realtor(tm), Samuel L. Jackson


38 posted on 09/25/2006 9:18:31 AM PDT by Salgak (Acme Lasers presents: The Energizer Border: I dare you to try and cross it. . .)
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To: stockstrader

No problem.


39 posted on 09/25/2006 9:18:33 AM PDT by GodGunsGuts
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To: Moonman62

I had my house built 4+ years ago here. It trippled in value during the 1st 3 years. Prices in my area are leveling off and in some cases dropping slightly.

Surely people have to understand that housing values couldn't sustain the meteoric rise forever?

A better headline: CA housing prices no longer skyrocketing.


40 posted on 09/25/2006 9:19:02 AM PDT by umgud (I love NASCAR as much as the Democrats hate Bush)
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