Wednesday, October 29, 2008

CA Median Home Prices down 47% from peak

The speed and depth of the drop in CA real estate is simply amazing. These declines have occurred in roughly 18 months! I expect values to drop further as foreclosures continue to rise and banks refuse to lend to all but to the best customer (with large down payments). The next year will be interesting especially as the ALT A paper starts to default.

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