California Home Prices Declining $400 A DAY

It’s always interesting when you take a figure or statistic and slice and dice into a different presentation. Today it’s being reported that California Home Prices are declining $2,800 a week!

California Prices Decline 2800 A Week

It’s just a repackaged stat about the 26% decline in prices in California. Yet, $2,800 a week sounds a lot more dramatic than 26%, doesn’t it? And what if you take it down to the day, like I have in the title of this post?

I know the news outlets are just using their normal fear tactics to keep you listening, but in this instance I think it’s a public service. Too many people seem to be inured to the high prices of homes in California, and still don’t quite get that the market must continue to correct so more working Californian’s can truly afford a home.

The real question is how much longer will this decline continue?

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4 Responses to “California Home Prices Declining $400 A DAY”

  1. T Says:

    Looking at houses, there are LOTS and LOTS of sellers who don’t seem clued in yet to the reality of the market. Sometimes those houses are sitting on the market, and sometimes they get lucky with a buyer who is either unaware or doesn’t care. I mean, I’m willing to overpay a little bit too, if its a house I really want and plan to stay in.

    Personally, I’m hoping for one of those buyers to overpay for my house ;-). I want to sell while the market hasn’t fully absorbed the new reality.

  2. wcrealestate Says:

    Yes, lots of sellers who haven’t grasped the reality and … buyers who don’t care or simply take it as a fact they have to overpay are helping stave off the reality for just a little longer.

    Realtors are clearly taking every sale which was at asking price and pointing to it as a ‘sign’ that things are turning around. Yet, the reality is that there’s more inventory, fewer buyers and ever tightening credit.

    Agreed that I’d pay a little more for a home I really felt was worth it but … I haven’t found it. Or I haven’t found the one I’d pay ‘a little more’ for, only those that I’d be forced to pay a lot more for – which just isn’t something I’m willing to do

    But … I think there are many buyers who will continue to overpay. Let’s hope one (or more!) find your listing.

  3. Maynard Farmer Says:

    The real question is how much longer will this decline continue?

    Well at $400 per day They should fall for about another 225 days or so THEN AND ONLY THEN WILL they even slow down ……
    When prices went up by $3000 per week did’nt hear anyone cryin’ just cashin those commission checks…… hope you saved some of the $$$$$
    I saved mine …knew this day would come when it all started told all my friends and others too they thought I was crazy kind of feel like a prophet now

  4. wcrealestate Says:

    You’re right. Lots of folks weren’t asking why prices were going UP $500 A DAY for a couple of years! No one should be surprised but … lo and behold, many are.

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