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Angeleeeeeeeno
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1,720 Posts
Discussion Starter · #1 ·
Well...not really :) But they did drop! First time in over 10 years.

Los Angeles Home Prices 1st Quarter 2007

According to the latest release of the Home Price Index (HPI) for the 1st Quarter of 2007 by the Office of the Federal Housing Enterprise Oversight (OFHEO), average home prices in the Los Angeles-Long Beach metropolitan area registered their first decline in the last 10 years,which was very small though, only -0.3%. According to the data provided by the same index, the last home price decline in the Los Angeles-Long Beach metropolitan area took place in the 3rd quarter of 1996. As the graph below shows,home price growth in the Los Angeles area has been steadily decelerating since the 1st quarter of 2006.

The home price decline in the Los Angeles-Long Beach area was smaller than the decline in single-family home prices registered by the index for the state of California. In particular, during the 1st quarter of 2007 the average single-family home price decreased by 0.8%, following a decline of 0.2% in the 4th quarter of 2006.


Quarterly Home Price Changes According to OFEHO Home Price Index





Source: Property-Investing.org, OFHEO
 

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Silver Lake
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5,451 Posts
Finally!!
 

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Shaken, never Stirred
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8,014 Posts
I wonder if the prices in Downtown would drop?
 

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Registered
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80 Posts
Lol at the rhetoric. Last I checked, the ones being hurt by Los Angeles home prices the most were the middle class, who now can't even afford to buy an entry level home. They're not kicking out the "poor" and decreasing crime with their extravagant real estate prices. The "poor" usually can't afford to purchase homes anyways, and are committed for most part to renting.

The people this affects the most are those that make enough money to buy homes elsewhere (which may cost them 200k in other states) but can't buy those same homes in Los Angeles because they would run upwards of 600k. What's the incentive for them to even stay in California? I mean, Southern California might beautiful (I certainly think its the most beautiful in the country), but at some point people will have to make sacrifices in order to gain an acceptable quality of life... and those sacrifices include moving out to other states where their money can take them significantly farther, albeit at the expense of the SoCal perks.

No matter how you cut it, home prices have been increasing at an exponentially higher rate than the median income, and that type of growth is simply unsustainable. Considering how much wealth is concentrated in this county (#1 most millionaires in the nation in net assets, not including home prices), I doubt the bubble will ever straight up burst... but I'm glad to hear that it's finally slowing down.
 

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"There It Is, Take It!"
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981 Posts
I like expensiveness...
kicks out crime.
What about white collar crime? Organized crime? Those criminals got BANK!
How about them celebrities? Lindsay Lohan drunk-driving and Phil Spector killing people?

Can't wait until you get kicked out of your neighborhood due to "expensiveness" :lol:
 

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Banned
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101 Posts
Now, if we can do something about these dam gas prices...I dont want to hear the bs from gas companies, saying prices have been going down. Yipee... a 2 cent drop
 
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