From Minnesota Peg comes this cheery link: Southern California home prices fall to 2002 levels. Gee, things must be improving out there.
As an aside, I recently got a call from an appraiser who is redoing a 2007 appraisal on land in one of our less popular areas. How much did I think prices had fallen there from 2007? I said, “20%, minimum.” “Oh,” said the appraiser, “I was thinking 45%”. “Go for it,” said I.
My first estimate was me being kind. My affirmation of 45% was me being realistic. Someone’s in for bad news and he can blame me. But I don’t want to hear from LA homeowners – their problems are their own.