Southern California home prices have fallen to 2002 levels, according to a recent Los Angeles Times report, and they won’t stop plummeting any time soon.
SOCAL HOMES BECOMING MORE AFFORDABLE
Studies show that significantly more people will be able to realize the American dream of home ownership in Southern California than they have been since 2000. For the first time in years, Los Angeles and Orange County housing prices are beginning to balance out with people’s incomes, housing market analysts say.
According to the Times: “The January median sales price for Southern California homes fell to $250,000, a 40% drop from the same month a year prior … The price decline was accelerated by foreclosures, which accounted for 60% of sales last month.â€
Experts expect Southern California home prices to experience an additional 25% to 30% decline. Los Angeles area home prices aren’t predicted to significantly increase again until at least 2010 or 2012.
TAKE ADVANTAGE OF PLUMMETING PRICES
With so many affordable houses flooding the local market, now is a great time to get into your dream home and I can help. Foreclosures are even more affordable investments. Sign up for my VIP foreclosures list here and take action now.
Your trusted connection to Southern California’s exploding foreclosures market,
Mark Shandrow
REO Broker-Associate
The Shandrow Group
Keller Williams Realty
markshandrow.com
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