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

To: Jim McMannis who wrote (125489)	5/27/2008 11:55:59 AM
From: MulhollandDrive	Read Replies (1) \| Respond to of 306849

that's a misleading headline it actually says 'Median sales prices in the state plummeted 32% from year-ago levels in April.' median sales prices have fallen to that extent because buyers are not able to get financing for the higher priced properties...i mentioned this the other day to elroy...i've been following santa monica and while i'm beginning to see a softening of LISTing prices, i think they are still wildly inflated (seeing condo's listed in excess of $500/sq. ft) btw, here in st. george, i'm seeing people list their house in the low $100/s per square foot....this cannot bode well for the hommies....i've been hearing it's the other way around, hommies discounting hurting existing home sellers, but now i'm beginning to see sellers advertising houses for less than replacement cost