You Got to be kidding

[Cgoodsp466]

I saw this and almost passed out. If I pay $325,000 for a house it had better stimulate me in other ways.

ate Markets for 2009
Tuesday, December 23, 2008
provided by

The housing market hasn't bottomed out yet. For the third quarter, the closely-watched S&P Case-Shiller national home-price index fell 16.6%, and experts are predicting further declines. Of the top 100 markets, here are 10 with the worst forecasts.

More from CNNMoney.com:

• '08 Stock Picks: How Low Can They Go?

• Riding the Housing Bust

• Want to Brave the Wild World of Foreclosures? Follow This Advice

1. Los Angeles

2008 median house price: $375,340

2009 projected change: -24.9%

2010 projected change: -5.1%

The median home price in the L.A.-Long Beach-Glendale metro area is projected to fall nearly 25% in 2009 - the biggest drop in the country.


Courtesy: Stockton CVE

2. Stockton, Calif.

2008 median house price: $248,050

2009 projected change: -24.7%

2010 projected change: -4.0%

3. Riverside, Calif.

2008 median house price: $256,540

2009 projected change: -23.3%

2010 projected change: -4.8%


AP Photo

4. Miami-Miami Beach

2008 median house price: $293,590

2009 projected change: -22.8%

2010 projected change: -6.4%

Miami will be nursing the hangover from its epic building boom for years to come. After falling 22% in 2008, prices are predicted to plunge another 23% next year.

5. Sacramento

2008 median house price: $225,140

2009 projected change: -22.2%

2010 projected change: 2.3%


AP Photo/Joan C. Fahrenthold

6. Santa Ana-Anaheim

2008 median house price: $532,810

2009 projected change: -22.0%

2010 projected change: -3.5%

7. Fresno

2008 median house price: $257,170

2009 projected change: -21.6%

2010 projected change: -3.3%


BusinessFacilities.com

8. San Diego

2008 median house price: $412,490

2009 projected change: -21.1%

2010 projected change: -2.9%

9. Bakersfield, Calif.

2008 median house price: $227,270

2009 projected change: -20.9%

2010 projected change: -2.5%


AP Photo/J. Scott Applewhite

10. Washington, D.C.

2008 median house price: $343,160

2009 projected change: -19.9%

2010 projected change: -5.7%

[zanna vaida]

All Real Estate is Local. For your information, as you probably understand by now, the Western New York market is completely different. Here' some statistics. Don't hesitate to contact me for real estate info on a specific neighborhood or area.

http://bnar.org/clientuploads/pdfs/mlsstat_median.pdf

[CAugust]

actually, if I had time to do more research I would, but some of those prices look pretty low for california!!! Not that I agree with those prices, and what people are getting for that is insane......my thoughts would have been extrememly higher....................

[zanna vaida]

I saw this and almost passed out.

Sound you haven't been around to face the rel estate reality. Do you know how much your neighborhood worth?

[Surfing USA]

actually, if I had time to do more research I would, but some of those prices look pretty low for california!!! Not that I agree with those prices, and what people are getting for that is insane......my thoughts would have been extrememly higher....................

Shockingly, the California (median) home prices appear to be accurate.

If anyone's been considering relocating to CA, (if you can,) wait until early 2010.

[Save Us]

Shockingly, the California (median) home prices appear to be accurate.

If anyone's been considering relocating to CA, (if you can,) wait until early 2010.

I am hoping the real estate stays low in the country when I am ready to move.

[300miles]

I saw this and almost passed out. If I pay $325,000 for a house it had better stimulate me in other ways.

Cgood... you been under a rock during the past 7 years? Those are pretty average prices. It's not even shocking to see 800k for houses in those states.

[leftWNYbecauseofBS]

Shockingly, the California (median) home prices appear to be accurate.

If anyone's been considering relocating to CA, (if you can,) wait until early 2010.

If you are thinking of moving...now is a good time to buy. The 400k is the median.

You can pick up a nice house for 200k in the San Diego area...however, I would not buy in the city of San Diego. They are going to have a pension bomb very soon.

One thing you also have to consider about the 400k house that is now worth 21% less. If someone purchased it 4-10 years ago, they are still positive from what they paid.

[speaker]

That's the real crux of the real estate bust. Top heavy mortgages which really were illegal but everyone thought real property would keep climbing and they could sell and still make a profit.

This hasn't happened almost at all in this state, although property in NYC does really appreciate in value.

It was all just a pie in the sky thing and should have been overseen and stopped a long time ago.

When I lived in Flagstaff, home prices were comparable to WNY. But the Californians began to leave en masse and flooded Flag, until the prices there were soon a lot closer to California's. Drove a lot of people out of there, then, and the whole atmosphere of Flagstaff was changed, and not for the better.

[Cgoodsp466]

Cgood... you been under a rock during the past 7 years? Those are pretty average prices. It's not even shocking to see 800k for houses in those states.

Anybody who pays taht should be beat with a bat.I am sorry four walls and a roof.I dont think so.

[nickelcityhomes]

some of those prices look pretty low for california!!!

I thought the exact same thing, especially for the prices in Stockton. About a year ago my buddy who lives in San Jose was asking if he should buy a house. It would have cost him around 600k at the time based on the GLA he wanted. I told him to keep renting for a few more years because he spends most of his time in Paris and London. He thought I was nuts. In his opinion, the market had bottomed out and he desperately needed some tax write-offs.

I could have easily told him to buy, but not all of us realtors are that shady. Nowadays he could pickup a new build that's titted-out for around $450k.

[zanna vaida]

Europian market is different. Have you ever looked at their prices?

The most expensive city in the world is .....

[FMD]

paris?

lol i dunno...

Anyways, I wouldnt say now is a good time to buy property. Honestly, looking at the WHOLE picture, those who dont own a home arnt tied to anyone place. On top of that, with a depression looming on the horizon, its a real gamble as to wether picking up alot of debt is a good idea. While I realise no banks have failed recently, this 'crisis' is FAR from over...

My good friend is actually looking to buy a house, I keep telling him to hold off. A house while a valueable asset, is also a boat anchor if you want/need to move, and move fast... People who dont own a home are alot more versitile in thier living situations as they have options. While a homeowner is sort of stuck with his house unless he can sell it and hopefully break even...

Personally, with the way everything is going, I think looking ahead we will see more and more people grouping together with friends or relatives in houses/apartments to save money. Even though you have a job today, doesnt mean you will have a job tomarrow.

[nickelcityhomes]

A house while a valueable asset, is also a boat anchor if you want/need to move, and move fast

Only as much of an anchor as a five gallon jar of gasoline and some sturdy matches.

[300miles]

New article on Forbes.com lists Buffalo in the top 25 Strongest Housing Markets.
Buffalo was listed as 4th.

Not too shabby.