L.A. Land : Los Angeles Times : California freefall: Home prices fell 26% in February
Signs of distress are piling up in the California housing market, where prices are falling at three times the national rate of decline.
--Statewide, median sales prices fell by a stunning 26% from year-ago levels in February, with home prices dropping at a rate of nearly $3,000 a week, the California Association of Realtors reports. Further, the CAR says the Fed's interest rate-cutting campaign "will have little near-term direct effect on the housing market."
--In the San Fernando Valley, losing a home to foreclosure is now almost as common for families as buying a home. The L.A. Daily News: "During January and February, there were 1,084 foreclosures and 1,335 sales of houses and condos in Valley communities from Glendale to Calabasas, according to the San Fernando Valley Economic Research Center at California State University, Northridge."
"It's bad. It's really bad," market analyst Nima Nattagh told the Daily News.
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No kidding. And it seems that the California market isn't at the bottom yet.
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