25 percent decrease from December to January, median price also falls

LOS ANGELES - Housing market data from January show California home sales have plunged to their lowest level in more than 20 years.

DataQuick Information Systems said Thursday that 19,145 homes were purchased statewide last month, a 41 percent drop from January 2007's total and down about 25 percent from December's sales.

DataQuick's records go back to 1988.

http://www.msnbc.msn.com/id/23170733/

keep dropping, home prices!!!

A thing to remember:

the dropping prices are mostly due to bank auctions and sub primers getting the fuck out before they blowup their credit. It will end. Smart, stable homeowners won't give away their homes. The dropping price "bubble" is a real thing.

sub prime is just the beginning, my friend.

keep dropping, home prices!!!


+1. I would love to be able to get into a house next year.

sub prime is just the beginning, my friend.

I don't believe the sky is falling and houses will be $50k in 2 years Doug

I don't believe the sky is falling and houses will be $50k in 2 years Doug

dont shatter his dream dude, come on.

put a 2 or 3 in front of that estimate and you'll be closer to the mark.

To believe that 'sub primers' are the only people who over extended themselves is foolish. A vast majority who purchased after 2004 did who are still enjoying teaser rates.

I also have a dream and unfortunately for homeowners, my dream is rooted in economic fact which is that house prices are going to continue fall:

http://globaleconomicanalysis.blogspot.com/2008/02/housing-bottom-nowhere-in-sight.html

I'd rather be a dreamer than living on a hope and smile:
http://unbeknownst.net/?p=285

Sub-prime only, really?
http://calculatedrisk.blogspot.com/2008/01/were-all-subprime-now.html

Let's have your links, boys. Where is your evidence that prices will continue to defy fundamentals like income to price ratios. Or is this another "permanently high plateau"?
http://en.wikipedia.org/wiki/Irving_Fisher#Stock_market_crash_of_1929

lol quoting wikipedia

edit: i should add that the german guy who talks about the credit card bubble is dead on IMHO..that will be the next bubble to burst and given the stricter bankruptcy laws, it could lead to a world of hurt for consumers and creditors.

put a 2 or 3 in front of that estimate and you'll be closer to the mark.

To believe that 'sub primers' are the only people who over extended themselves is foolish. A vast majority who purchased after 2004 did who are still enjoying teaser rates.

Not in CA Doug. 250 - 350k... maybe ghetto southeast SD, townhomes, condos etc, the usual at those ranges. 1000 sq foot homes here in Santee that are 40 years old, sure. Is that what you are saying? Or are you thinking a 2000 foot home in La Jolla will be 350? Fill me in...

Also, the "vast majority" of those who purchased after 2004 make up what... 1% of homeowners at the most?

I feel "average". Yeah. I got a 30 year fixed fortunately. But our household net is $9k, mortgage is $3k. Overextended? Again, I think my wife and I are middle class and average people, nothing special about us except my 16" cock.

I'd be curious how low you think my house will fall Doug. 1368 foot, 2007 upgraded, no 70's crust. $448k January 2005 sale. I'm not an idiot, I know it's worth less. But are you saying it will go to $250k? It sold for $225k in 2002 for the record.

I also have a dream and unfortunately for homeowners, my dream is rooted in economic fact which is that house prices are going to continue fall:

http://globaleconomicanalysis.blogspot.com/2008/02/housing-bottom-nowhere-in-sight.html

I'd rather be a dreamer than living on a hope and smile:
http://unbeknownst.net/?p=285

Sub-prime only, really?
http://calculatedrisk.blogspot.com/2008/01/were-all-subprime-now.html

Let's have your links, boys. Where is your evidence that prices will continue to defy fundamentals like income to price ratios. Or is this another "permanently high plateau"?
http://en.wikipedia.org/wiki/Irving_Fisher#Stock_market_crash_of_1929


California will CONTINUE to have more demand than supply on majority. Sure, right now are fucked up times, buyers market. If you think that's permanent, you're in lala land.

San Francisco is a good example. Unaffordable, period, unless you have 2 $100k+ incomes. "No fair" cries haven't worked and made the homes affordable.

... it could lead to a world of hurt for consumers and creditors.

And the biggest consumers have been who? Oh that's right, the ones sucking up loans for overvalued homes that they can't afford.

I'm glad my wikipedia link that accurately stated Fisher's quote made you LOL. I'll provide another source:
http://www.quotesforall.com/f/fisherirving.htm

I hope that cracks you up, too. In the meantime, I look forward to seeing some facts refuting what I have provided. I dream of the day that I buy for 40% less than the 2005 peak. LOL, indeed!

And the biggest consumers have been who? Oh that's right, the ones sucking up loans for overvalued homes that they can't afford.

I'm glad my wikipedia link that accurately stated Fisher's quote made you LOL. I'll provide another source:
http://www.quotesforall.com/f/fisherirving.htm

I hope that cracks you up, too. In the meantime, I look forward to seeing some facts refuting what I have provided. I dream of the day that I buy for 40% less than the 2005 peak. LOL, indeed!

What's your middle FICO score across the 3 agencies? I am 800+ across all three. Prices may be down, but have fun getting a loan unless your score is as high.

I also don't get the "LOL" you fuckers seem to have boners over. You think it's funny that people's lives are getting ruined? Not everyone is a financial advisor or economist. A lot were mislead, lied to by agents, bank officers, etc. Haha funny LOL.

Faggots.

I wasn't happy with 2005 pricing, but went in with " Fuck it we're buying " and " 30 year fixed or nothing ".

California will CONTINUE to have more demand than supply on majority. Sure, right now are fizzleed up times, buyers market. If you think that's permanent, you're in lala land.

You know what would bring me out of la-la land? Some evidence!

I don't know how long you've been around San Diego, but let me clue you in on something. Demand is commensurate with the ability to pay (shocking, I know!) not how much demand there is for good weather. Keep dreaming.

Here's some Wall Street Journal action for you:
http://online.wsj.com/article_print/SB120276871472760255.html?ref=patrick.net

40% in California? Ouch, too bad sunshine doesn't pay mortgages.

Go ahead, why don't you send me a few more NAR links so I can have a good laugh when their projects are revised DOWN again!

Not in CA Doug. 250 - 350k... maybe ghetto southeast SD, townhomes, condos etc, the usual at those ranges. 1000 sq foot homes here in Santee that are 40 years old, sure. Is that what you are saying? Or are you thinking a 2000 foot home in La Jolla will be 350? Fill me in...

Also, the "vast majority" of those who purchased after 2004 make up what... 1% of homeowners at the most?

I feel "average". Yeah. I got a 30 year fixed fortunately. But our household net is $9k, mortgage is $3k. Overextended? Again, I think my wife and I are middle class and average people, nothing special about us except my 16" lolipop.

Sure, when talking numbers there should be qualifiers. When I'm saying 250-350k, I'm envisioning an 'average suburban house'. Shadowridge in Vista, Discovery Hills area of San Marcos, Arrowwood Golf Course area of O'side, etc. While those areas also have their own ranges of properties in the development, most should fit in that price range.

Areas such as La Jolla are old money. Most of that area and Del Mar are second properties. Areas such as CV and 4closure Ranch will be hit hard and those 700k houses will be down 40% off peak. San Elijo Hills is also another time bomb waiting for resets.

I'd guess that you and your wife both have above average incomes. If this was 10 years ago, you'd be enjoying your Poway home, however loans weren't bring given away like syringes in San Francisco then either.

As I stated before, you are the exception, not the rule, having bought within your means. Kudos to you.

What's your middle FICO score across the 3 agencies? I am 800+ across all three. Prices may be down, but have fun getting a loan unless your score is as high.

I'm glad you and your credit score can afford it. I'll be the guy moving in next door pretty soon who is paying about half the price and wondering what to do with the money I save on property taxes. See you soon neighbor!

Happy that people's lives are getting turned upside down? Not as happy as watching a guy like you get worked up over something that you feel so confident about!

I also don't get the "LOL" you fizzleers seem to have boners over. You think it's funny that people's lives are getting ruined? Not everyone is a financial advisor or economist. A lot were mislead, lied to by agents, bank officers, etc. Haha funny LOL.


Do you also defend the consumers that walk into the car dealer and end up with a 400/mo payment on a used taurus since they didn't do any research on their own?

I have no sympathy for a person who belives they could afford a 450k house on a 40k salary, or people who bought 2-3 houses to flip them and got stuck holding all 3 bags. Fiscal responsibility is no one's job except their own. If one trusted that salesman/broker/RE agent to tell them what's right for them or what's 'a great deal', then they deserve where they end up.

No, they're faggots.

I'm glad you and your credit score can afford it. I'll be the guy moving in next door pretty soon who is paying about half the price and wondering what to do with the money I save on property taxes. See you soon neighbor!

Happy that people's lives are getting turned upside down? Not as happy as watching a guy like you get worked up over something that you feel so confident about!

Hey genius, my propery taxes will be the same. No one is stuck with the purchase assessment. Apparently you know less about buying a home than you think. When values fall, you can have your home reassessed for $5. Additionally, do you think the actual cost is 2x as much if someone paid 2x as much purchase price for their house? Apparently you don't about Schedule A either.

The reality today is, I am a homeowner, you're a dreamer. Keep talking shit. I hope you get t-boned tomorrow.

Hey genius, my propery taxes will be the same. No one is stuck with the purchase assessment. Apparently you know less about buying a home than you think. When values fall, you can have your home reassessed for $5.

Your home has only lost value if you sell it for less than you bought it for Doug.

The decline is meaningless to most homeowners, including me.

How can values fall if you don't sell your house? :beer1:

How can values fall if you don't sell your house? :beer1:

Assessed value.

so now your house CAN lose value?

Hey genius, my propery taxes will be the same. No one is stuck with the purchase assessment. Apparently you know less about buying a home than you think. When values fall, you can have your home reassessed for $5. Additionally, do you think the actual cost is 2x as much if someone paid 2x as much purchase price for their house? Apparently you don't about Schedule A either.

Yes, yes, Prop 13 allows for reassessment of taxes due to property losing value. The point is that I haven't been getting screwed the past few years because I didn't pay too much for a house AND therefore property taxes.

I may not be the genius you are, but I can tell you this: my $435k will buy hell of a lot more house today than yours did in 2005. I am also not upside down on a loan and only in my dreams has my house lost 20% in value this past year.

http://www.dqnews.com/ZIPSDUT.shtm

For me, tax breaks did not wash paying 100k-200k too much for a house. You still have not provided any evidence that the housing market is nearing the bottom. I content it's only the beginning of the bust and that prices will fall for years. It happened here in the 80's, 90's and now 00's.

Hope it works out for you.

if the gov-mint comes to the rescue, i dont think property values will fall for much longer, there will be more money available and the realtors will go right back to convincing an ignorant consumer (they're ignorant through their own apathy, i know) that it's the perfect time to buy, which could start changing the rate of decline.

if the gov-mint comes to the rescue, i dont think property values will fall for much longer, there will be more money available and the realtors will go right back to convincing an ignorant consumer (they're ignorant through their own apathy, i know) that it's the perfect time to buy, which could start changing the rate of decline.

They've been trying and the best they can do is Project Lifeline and STEEP rate cuts, both will fail to save the housing market. Who knows though, maybe it will be fixed by inflation ...

But the FED printing too much money is what got us into this mess and I highly doubt the same thing will get us out of it. But what do I know, I'm not a genius...

oh it'll make the mess deeper, make us all more in debt, but it'll stop the drastic rate of decline in home prices..the cycle will repeat itself though, and after a shorter period of time from this current real estate crisis and the one 20 years ago.

Perhaps if they print more and more money, we'll be saved by the Mexicans coming over and buying houses as the peso <-> dollar exchange reverses!

hey they're already accepting Euros in some cities..

There are people that have been screwed Chris. The truth is that the majority of people crying right now were greedy unrealistic idiots who gambled and got fucked. I do find them hilarious, it just sucks that they have dragged the nations economy down with them.

if the gov-mint comes to the rescue, i dont think property values will fall for much longer, there will be more money available and the realtors will go right back to convincing an ignorant consumer (they're ignorant through their own apathy, i know) that it's the perfect time to buy, which could start changing the rate of decline.


Not going to happen. There is only one way to make money available, and it's called wages. If people aren't making enough money to afford or pay back a loan they take, they shouldn't be taking on the loan. Back in the days of responsibility, they wouldn't have even qualified for the damn loan. But the finance companies, with a little help from the Fed, worked their way around that basic financial truth and soaked the Wall St. investors to keep the shell game running. The Bush administration didn't mind, because it made the economy look like it was going gangbusters. Oops.

Well, the party is over, and my condolences to anyone who bought at the peak. I blame the public education system for not teaching basic financial principles.

The bottom line is: http://piggington.com/images/primer/sdprices_incomes.gif

If people can't afford the home, the home will not sell. Free Market 101. If you try to cheat this basic principle by giving loans to people that can't make the payment, you get the clusterfizzle we are now watching unfold.

Responsability ? OMG ! Where did you ever hear that ? We live in a society where people expect the government to save them from their stupid decisions.