Recently, there has been a lot of talk about how raising the FHA loan limits last week would affect us in the real estate markets.
Long Beach, Ca. Recently, there has been a lot of talk about how raising the FHA loan limits last week would affect us in the real estate markets.
Considering that in the six counties of Southern California that the average sales price in January, 2008 was $415,000.00 and that this was down from $505,000.00 back in February 2007. STOP! Did everyone just get that? Southern California home prices have come down $90,000.00 in just twelve months and currently 21% of all sales are foreclosures that have been resold into the marketplace.
Clearly, this downward pressure on the real estate prices and with real inflation spiraling into the double digits coupled with the price of sweet crude rising from $100 a barrel to $109 a barrel in the course of just one week, referred to as the, "economic shot not heard around the world," because it was not given the attention that it should have had in the major news networks. We see our economy nose diving in a manner never seen by the vast majority of fun loving Americans. Without sounding histrionic, perhaps this is the time to ask our grandparents what it was like to live through the Great Depression. One thing for certain, all of our lives are dynamically being effected.
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