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Bloodbath in California housing market
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by mtippett | November 20, 2008 at 03:15 pm
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These are some very scary numbers. If you want into the market in Northern California you can now pick up property at almost half what it was going for a year ago.
Despite an increasingly uncertain economy, thousands of homebuyers around San Francisco Bay kept snatching up foreclosed homes last month, dragging down the median home price by 41 percent from a year ago, a real estate tracking firm said Thursday.The median home price in the nine-county region plunged to $375,000 in October, compared with $631,000 in the year-ago period, according to San Diego-based MDA DataQuick.
Then again, you may want to hold off.
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at 20:23 on November 21st, 2008
what a disaster- I live in S CA and the same thing's going on.
The US Constitution authorizes Congress to coin money- other than bankers having a stranglehold on the political process, I don't see why We the People are tolerating having to pay bankers interest to buy homes when we can create our own debt-backed money (if the Fed can) and loan it to ourselves at 0% interest.
With all that money saved on interest, homeowners, workers and consumers can be paying bills, spending it, investing it and generally putting it back into the economy.
A far more efficient economic system is possible by Bart Klein Ikink