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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Lizzie Tudor who wrote (48861)2/21/2006 12:32:58 PM
From: Elroy JetsonRead Replies (2) of 306849
 
In Los Angeles a huge wave of foreclosures were offered by banks with record low prices and generous terms during 1994 and 1995. They sold very, very slowly and the market started to show signs of life on the upside during 1996, once most of the foreclosures were sold off.

During earlier years 1990 to 1993, home prices slowly declined, with most homes seeming offered for just above the market, only to be withdrawn and later re-offered for 10 to 15% less - but still slightly above the then current market price.

So I would say that you certainly had far more homes to choose from during 1990 to 1993, but the price point was pushed far lower in 1994 and 1995 by the bank offered foreclosures. The only other homes offered during this period were people being transferred where their employer bought their house and was willing to sell at the going price.
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