price drops: Falling Home Prices Spur a Return to Normalcy in Affordability in Southern California
- 03/03/09 04:36 PM
Economists and housing market analysts say that with home prices comparable to 2002 and continuing to fall, we could be in for a lengthy period of fairly affordable housing. Typical prices of homes are currently below historical averages in comparison with incomes making them affordable to more buyers than any time since 2000. And if unemployment continues to rise, prices should drop even further. The median sales price for homes in the South California area in January was 250k, a 40 percent drop from January a year ago, according to a report released Thursday by MDA DataQuick. The falling prices … (0 comments)
Economists and housing market analysts say that with home prices comparable to 2002 and continuing to fall, we could be in for a lengthy period of fairly affordable housing. Typical prices of homes are currently below historical averages in comparison with incomes making them affordable to more buyers than any time since 2000. And if unemployment continues to rise, prices should drop even further. ;)
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