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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (400803)7/22/2008 11:22:56 PM
From: bentway  Read Replies (3) of 1576823
 
Southern California Half Off Sale: 11 Los Angeles County Zip Codes with 50% Year over Year Price Drops.

mybudget360.com.


What once seemed like a total impossibility has occurred in Los Angeles County and in many other cities throughout Southern California. During the decade long housing boom, you would be thought mad if you would guess that any zip code in Los Angeles County would fall 50% in any given year. In fact, during many of the years each and every zip code was appreciating in the double digits. It was an unprecedented boom that took no prejudice on any city or area in the county.

It was rather apparent that what was going on simply was unsustainable. At the yearly change rates housing prices in the county would have a $1 million price tag sometime in the next few years while incomes simply were not keeping up. Real estate prices need to reflect the ability of local buyers, otherwise it is mere speculation in the short run. That is what occurred. City after city, even those where people never intended to live rose up for the mere prospect of speculation. In some areas, home owners were defrauded with unscrupulous loans that we are now seeing come home to roost. This was beyond one or two bad loan officers. This was fueled by complicit organizations from the top down that wanted to funnel as many loans to as many people irrespective of their ability to pay the money back. It was also fueled by buyers looking for a quick buck. The setting proved explosive. Los Angeles County is the ultimate result of years of this behavior.

Now we are left with a mess. The impossible has occurred. Here is a look at 11 zip codes recently released that now show Los Angeles County does in fact have the capability of going negative by 50% in one year on their median single family home price:
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