REAL ESTATE PRICES ARE STILL UP THIS MILLENIIUM IN LOS ANGELES

November 25, 2009 on 12:59 am | In Uncategorized |

REAL ESTATE PRICES ARE STILL UP THIS MILLENIIUM IN LOS ANGELES

by Jodi Summers

A recent report on Forbes.com citing the 10 Best and 10 Worst U.S. Housing Markets noted that in Los Angeles, if you bought in 2000, paid your mortgage on time and are still in your home, you’ve seen a 71.5% price appreciation.

Up north, San Francisco’s prices are up 30.12% from 2000. It still has the potential for a further fall, given the 31% drop for 2008.

Forbes analyzed monthly declines and year-over-year declines in home prices to determine where prices were falling fastest and where those drops were picking up momentum. They noted, “It’s not a good thing for San Diego that prices from November 2008 to December 2008 fell 2.13%, but as prices declined by 2.29% from October to November, and 2.44% from September to October, the speed with which prices are falling is slowing.”

The information is based on an S&P/Case-Shiller home price index, which measured metro home prices in 20 cities through December 2008.

Info courtesy of:

http://www.forbes.com/2009/02/24/housing-cities-ten-lifestyle-real-Estate_home_prices.html?partner=alerts

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  1. An index by Moody’s found that commercial real-estate prices have, on average, returned to levels seen seven years ago. The Moody’s/REAL Commercial Property Price Index fell 3.9% in September to 109.61 from 114.06 in August. Based on the index, prices were 37% lower than in September 2008 and 42.9% below the October 2007 peak. The index is based on repeat sales of the same properties across the U.S. at different times.

    Comment by The Wall Street Journal — November 27, 2009 #

  2. Will your hometown be a boomtown again?
    Harvard economist Edward Glaeser studies the forces that make some regions thrive and others die … and what that has to do with the weather in January.

    Since the crash, we’ve gotten used to thinking of real estate as a market shaped by national forces: Interest rates went down, Wall Street and homebuyers went nuts, regulators fell asleep at the switch, and — voilà — we had ourselves a bubble.

    Comment by Harvard economist Edward Glaeser — November 27, 2009 #

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