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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (441185)12/18/2008 12:17:15 PM
From: tejek  Read Replies (1) of 1585090
 
Its not unusual at all. That was true in 1980; in 1990 and in 2000.

These price declines ARE very unusual. I think ou have to go back to the great depression to match them.

Not for a bubble. During the late 1980s, LA's median was around $400k......I am doing this from memory so these numbers may not be exact....by the end of the bubble bursting in 1992, the median was down around $230K. That was a 40% drop. Its not that unusual.

FLA hasn't experienced a bubble before.......so this kind of movement is unusual. However, its not unusual for a bubble.

John, housing sales were up YoY for the past two months in CA, FLA and one other state.

Sales, not prices, from very depressed levels.

Of course......the investors are buying the foreclosure properties, not the most expensive homes. A bottom has to be placed under the cheapest homes in the market before bottoms can be put under the more expensive homes. You build from the bottom up.

When do you think housing prices will bottom?

I have no idea. Prices usually bottom 6 months to a year after the housing market has bottomed, but there is no solid rule of thumb. Look......I am not saying things are better....they're not. What I am saying is that there are some very small signs of improvement......and that's what I look for when trying to determine when a housing bottom will occur.
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