Economic Report: California Home Prices Drop $3000 A Week In February

[Omaha Steve]

http://www.laborradio.org/node/8217

Economic Report

Home prices in California dropped nearly $3000 per week during the month of February. The median sales price dropped by 26 percent – the fastest decline in the country at three times the national average. According to the California Association of Realtors Santa Barbara County saw some of the sharpest declines in home prices at an average of 39.1 percent in comparison to where they were last year.

[Warpy]

1. Holy shit! How many of us could stand a 40% loss of the value

of our homes, especially those of us who bought within the last 5 years? How many of us could stand it knowing this is far from the bottom?

These folks are going to be hurting.

[Cronus Protagonist]

3. I don't know what that would hurt someone who isn't selling

I thought rich homeowners would just pay the mortgage and live it out. The "value" is only effective when buying or selling.

[Omaha Steve]

4. When you need a home improvement

And your house even after the work won't bring the house up to what you owe, try to get an improvement loan then. Even holders are effected.

[Cronus Protagonist]

7. Gosh, all I can think about is making enough to pay rent

Worrying about home improvement costs is like a stockbroker worrying about how he's going to finance his next stock acquisition.

[L. Coyote]

2. I sold out of real estate at the perfect moment, the top of the market.

Balloons deflate!

[TahitiNut]

5. The 1341sq' condo I bought for $140K in 1983 just sold (August 2007) for $850K

:cry:

http://www.zillow.com/search/RealEstateSearch.htm?dg=dg1&addrstrthood=22661+Queens+Oak+Court&citystatezip=Cupertino%2C+CA
http://www.zillow.com/HomeDetails.htm?zprop=19631148

[Omaha Steve]

6. Let me be the first....

Brother could you spare a $10?

:-)

http://www.actblue.com/page/du_for_kleeb