From todays L.A.Times Business Section:
Southland home prices drop to 2005 levels
"Welcome to 2005.If you're a typical Southern California homeowner, the value of your house is back to what it was that year thanks to the weak real estate market, according to a report released Wednesday. The median price last month was $444,000, the lowest since April 2005, according to DataQuick Information Systems. That's a 3.9% drop from September and an 8% decline from October 2006.The number of homes sold, meanwhile, slipped to a 20-year low. prices do find their low point, they will follow the historical pattern and "drag along the bottom for a while before they go up," Karevoll said. "
So, 2005 brought record highs for real estate prices. As I've been saying, if you've owned your home for awhile and haven't pulled much equity out of it, you'll still see a profit.
Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
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