Realtors see ballooning Calif. house-price drops
lansner.freedomblogging.com
The California Association of Realtors’ housing forecast now calls for a 28.4% drop in the median price of a California house
That compares to a projected drop of just 6% originally expected when the association first unveiled its 2009 forecast in October.
In its revised forecast, the association predicts that:
•The median house price will fall to $248,000 in 2009. In October, CAR expected the price to fall only to $358,000.
•The projected drop comes on top of a 38% price decline in 2008, when the median fell to $346,400, down from $560,300 the year before.
•House sales, however, are projected to be much better than expected back in October, with 550,000 houses sold statewide this year.
•That would be a 25% increase from 2008, when 439,800 houses sold.
•The revised sales outlook is pretty good considering that the state was down to 347,000 sales a year in 2007.
•The 550,000 sales is revised from an earlier projection of 445,000 houses sold. |
