Archive for the 'real-estate' Category

Southern California fondly remembers Y2K by taking prices back to 2000. The typical monthly mortgage payment in California is now the same as it was in 2000. Over 50 percent of all SoCal home sales are distressed properties.


Empire in the California Sun – Home prices in California rose 109 percent from 2001 to 2006 and have fallen 37 percent since then reaching post bubble lows. California following Tokyo housing correction trend. 50 year trend between fixed mortgage rates and new home sales broken.


The foreign buyer argument –Cerritos California has 82 percent of households listed as homeowners. Median income of $82,000 does not support city median price of $540,000. If it did, you would not see homes falling by $231,000 in a few short years.


The California contradiction – Record high unemployment and highest home prices in the nation. Share of Californians employed at record low levels and July home sales forecast dire home price cuts moving ahead. During bubble years July home sales came in at over 60,000 for the month while last July they came in at 34,000.


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