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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Chen who wrote (123889)	5/19/2008 10:43:20 AM
From: Jim McMannis	Respond to of 306849

California Luxury Home Prices Fall for Second Straight Quarter bloomberg.com May 19 (Bloomberg) -- California luxury home prices fell for the second consecutive quarter as banks required higher credit scores and down payments, reducing the number of potential buyers in the state's wealthiest communities. The average price of a luxury home in the San Francisco Bay Area declined 0.8 percent from the previous three months to $3 million, according to a survey by First Republic Bank, a unit of Merrill Lynch & Co. Los Angeles prices dropped 2.2 percent to $2.35 million and San Diego prices fell 2.2 percent to $2.06 million. ``Values of luxury homes in California have declined slightly in price after many years of strong appreciation,'' Katherine August-deWilde, president of San Francisco-based First Republic Bank, said in a statement.