Thursday, November 15, 2007

Prices Back to 2005

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.

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