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Live and Let Live
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Its another mixed bag depending on where you are in the state. Santa Barbara is really soaring right now while once blazing hot inland metros have cooled down considerably-even faltering a bit as far as prices. Coastal SoCal from LA southward is in a correction period meanwhile San Francisco and San Jose are getting closer to cracking $900,000

California, May 2007
Median Single Family Home $591,180 +4.8% over 12 month period
Median Condominium $434,790 +0.5% over 12 month period

Metro Area, Median Home Price, May 2007, 12-month growth rate
Santa Barbara $880,680 +25.1%
San Jose $858,000 +7.3%
San Francisco-Oakland $853,910 +8.7%
Santa Cruz $779,000 +1.5%
Monterey $743,180 +2.7%
Orange County $714,130 -1.4%
Ventura County $699,480 +1.6%
San Diego $612,370 -1.6%
Napa & Sonoma Counties $610,220 -3.7&
Los Angeles-Long Beach $580,040 +2.0%
San Luis Obispo $579,540 +4.1%
Riverside-San Bernardino $398,490 +0.7%
Palm Springs-Lower Desert $392,200 +4.6%
Far Northern California $385,870 -7.5%
Sacramento $356,100 -1.6%
Central Valley $331,580 -6.7%
High Desert $313.550 -5.6%

http://www.car.org/index.php?id=Mzc1NTM=
 

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Its because all of these greedy real estate pigs want to rip people off and make them pay all they have just to have a roof over their head

and you can not even afford to buy a house at all with an average job anymore houses are becoming a thing of the rich
 

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well there are close to 40 million people California so there are people who can afford houses...Also the real estate boom is MAKING average people rich!
 

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California R.E.

Don't be fooled by seemingly rosy figures, especially for Southern California. Actual sales have dropped precipitously in SoCal. March 2007 sales were down 32.4% over March 2006. The story appeared in the L.A. Times, but the link below is to a blog that picked it up.

http://www.therealestatebloggers.co...alifornia-seeing-rising-values-as-sales-slow/

Based on what I've read and heard, what keeps the average price high in SoCal is the higher end of the market--properties selling for $3 or $4 Mil or more. And there are buyers and investors in that range. The more moderately priced range (at least by our standards) is depressed--you'll see houses, condos, and small income properties with for sale signs for months. That wasn't happening before.

Guessing the asking and sales prices of properties has almost become a sport here. Curbed LA has a lot of "guess the price" posts:

http://la.curbed.com/
 

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The funny thing is, while prices are up, sales are far down.

That sort of ruins the thrill of selling the rapidly appreciating price of your home there. It may be nice to see the price, but try selling it and see it on the market longer than you expected. Even if the prices are still going up, the real estate boom is OVER.

The market is the same way here. The prices are rising slowly, but sales have plummeted. Then again, you can buy 3 nice houses here, for one there. Even if prices there continue to climb, there will be one day when they correct themselves.
 
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