Post by unlawflcombatnt on May 16, 2007 15:07:55 GMT -6
Below is an excerpt from an Los Angeles Times article describing the ongoing housing crash in Southern California. The article is titled Home sales hint at longer slump ahead.
"Volume falls throughout the Southland, with the steepest drop in the Inland Empire....
By Annette Haddad
Times Staff Writer
May 16, 2007
Southern California home sales plunged to a 12-year low in April, suggesting that the region's real estate slump is far from over.
Prices were up overall, rising 6.1% from a year earlier to a median of $505,000, according to data released Tuesday. But that increase was largely driven by an uptick in Los Angeles County, masking declines in Riverside, San Diego and Ventura counties.
Moreover, sales fell throughout the six Southland counties as inventories rose — and that could push values lower, analysts said.
"Demand is not there and supply is greater; prices are bound to go down," said Esmael Adibi, an economist at Chapman University in Orange. "No question that the bottom of the market hasn't hit yet."
Southern California home sales sank to 19,269 in April, a 28.9% drop from the same month last year and a 12% fall from March. The steepest decline was in the Inland Empire. Sales volume dived 45.1% in Riverside County and 46.7% in San Bernardino County...."
Below is a chart showing the decline in home sales in Southern California
The full article can be found at
Home sales hint at longer slump ahead.
Though the article states an increase in Los Angeles home prices, other sources state the opposite. Data from HousingTracker.net, which lists asking prices for homes, shows that Los Angeles home prices have declined -0.2% over the last month, -1.0% over the last 3 months, -3.3% over the last 6 months,
and -7.4% over the last year.
In California, the housing market is nowhere near the bottom yet. Nor are most other major housing markets at the bottom, or even near the bottom.
"Volume falls throughout the Southland, with the steepest drop in the Inland Empire....
By Annette Haddad
Times Staff Writer
May 16, 2007
Southern California home sales plunged to a 12-year low in April, suggesting that the region's real estate slump is far from over.
Prices were up overall, rising 6.1% from a year earlier to a median of $505,000, according to data released Tuesday. But that increase was largely driven by an uptick in Los Angeles County, masking declines in Riverside, San Diego and Ventura counties.
Moreover, sales fell throughout the six Southland counties as inventories rose — and that could push values lower, analysts said.
"Demand is not there and supply is greater; prices are bound to go down," said Esmael Adibi, an economist at Chapman University in Orange. "No question that the bottom of the market hasn't hit yet."
Southern California home sales sank to 19,269 in April, a 28.9% drop from the same month last year and a 12% fall from March. The steepest decline was in the Inland Empire. Sales volume dived 45.1% in Riverside County and 46.7% in San Bernardino County...."
Below is a chart showing the decline in home sales in Southern California
The full article can be found at
Home sales hint at longer slump ahead.
Though the article states an increase in Los Angeles home prices, other sources state the opposite. Data from HousingTracker.net, which lists asking prices for homes, shows that Los Angeles home prices have declined -0.2% over the last month, -1.0% over the last 3 months, -3.3% over the last 6 months,
and -7.4% over the last year.
In California, the housing market is nowhere near the bottom yet. Nor are most other major housing markets at the bottom, or even near the bottom.