California Home Prices Fell 4.6 Percent 4th quarter
Federal Price index places California as the 9th worst market in the Country. California home prices fell 4.6 percent in the 4th quarter. We are now off 44 percent from home prices over the past 5 years.
An article in The Orange County Register quotes the FHFA economist Andrew Leventis, "late-year gains vs. the third quarter. California prices rose 0.21 percent in the 3 months, one of 27 states - plus D.C. -with year-ending gains". While FHFA's national index shows a 2 percent points price decline over the latest four quarters, 12 states and the District of Columbia posted price increases. When coupled with the fact that about half of all U.S. states saw price increases in the latest quarter, this growth adds to ounting evidence that real estate markets are seeing at least some signs of life."
We in Orange County are not so lucky. We are 222 out 225 of metro areas in the country in affordability. The statistics that are never reported are the number of small business hurt in the economic problems of our Country. Our area had a lot of small business owners that are either out of business or their incomes have dropped at least 3/4 of what they were before the recession. There is no improvement in fact it is getting worse.
We have over 12 percent unemployment those are the people that had W2 incomes. We are hurt badly. Any increases in the unemployment numbers is only achieved by the droping of those no longer looking for work. In my book that is not something to brag about. Our government is sick. Not working for the people and getting out of the way but managing the decline. That is not leadership. People want their small businesses to succeed and the others want to have good jobs. Neither is possible in this state under these conditions.
In do not trust our government's statistics or their effectiveness in helping with the problems. I would like them to get out of the way.