The lastest news that our friends at CNN Money are reporting on is the median home prices in our major metropolitan cities. And, the news is not all good. Home prices have dropped nearly 7% since the beggining of 2011 and at the fastest rate ever seen since 2010. The NAR is holding foreclosures, that currently represent 39% of all real estate transactions, accountable for this trend.
The news is not so bad here in Southern California. Both Los Angeles and San Diego show less significant (less than 2.5%) median home price reductions. A financial guru friend of mine has read reports that project 28% median national home price depreciation for 2011. My hunch is that things will not be as bad here in SoCal as compared to the rest of the nation with median home prices in North OC falling about 10% to 15% in 2011. To read the full CNN Money news article log on to: http://money.cnn.com/2011/05/09/real_estate/metro_home_prices/index.htm.