When Will SoCal Home Prices Hit Bottom?

I truly admire all the Crystal Ball predictions for the housing market in Southern Calif. Most of which have been dead wrong since I started tracking them back in 2008.



The article below however, coincides with my projections and what I have been telling home buyers and Investors since 2008. With that said; As long as you know and understand the downside risk, do your homework and are buying for the long term, Buying a home or investment property today, will reward you many times over, down the road.



Mathews Realty Group

Retirement Advisor/Investment Services

Self Direct IRA/401K specialists

Amplify’d from www.doctorhousingbubble.com

Southern California back into a year-over-year decline. Los Angeles median home price down over 10 percent in 4 months. Slowest housing sale month since March of 2008. 30 percent of buyers involved all cash and the median price for these homes was $190,000.

California currently has 162,000 homes for sale.  Add in homes in the foreclosure process and the number jumps up to 446,000.  This is not a normal market.  Investors seem to be hungry for low priced homes and banks seem to be letting go of some of their shadow inventory.  What does this mean?  Lower prices for 2011.

See more at www.doctorhousingbubble.com

 

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