The market in action. Now middle class Californians may actually be able to afford a home.
‘Zactly.
Wonder what effect they will adjust property taxes?
I went to an open house across the street from my house and was chatting with the agent. She said that the banks are going to send out a whole bunch of default/foreclosure notices after the holidays, which will put a whole bunch more property onto the market and further erode prices.
yeah but who wants to live in california anymore?
The lesson here is never take out a second mortgage for a boob job.....
They probably were 50% overvalued before the drop.
Yep, from 2000-2003 we saw our house appreciate 58%. The following couple of years (we sold and left the state in 2003) it continued to skyrocket.
Reality is reentering the price scene. There was no way a middle class family could afford to buy a house there, without using one of the stoopid mortgage schemes like interest only.