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Economy
Southern California home sales crash, a warning sign to the nation
2018-07-26
[CNBC]
  • Sales of both new and existing houses and condominiums dropped 11.8 percent year over year, as prices shot up to a record high, according to CoreLogic.

  • The median price paid for all Southern California homes sold in June was a record $536,250, according to CoreLogic, a 7.3 percent increase compared to June of 2017.

  • In the past, California, one of the largest housing markets in the nation, has been a predictor for the rest of the country.


Posted by:Fred

#11  Sales are down because people aren't selling. Prop 13 plus high cost of moving up
Posted by: Frank G   2018-07-26 16:18  

#10  Who's buying, Frank? People moving into the State? From back east or down south?
Posted by: Bobby   2018-07-26 14:40  

#9  Lack of inventory for sale. Daughter's a real estate agent
Posted by: Frank G   2018-07-26 13:13  

#8  My guess is sellers finally found the price level at which buyers either will not or cannot buy. 49 Pan is also correct about the property taxes. Try paying $2000 or $3000 a month in property taxes on top of your mortgage. You might think you own your home but all you're really doing is paying rent to the government. The rent is extremely high and the landlord will evict you if you don't pay. I don't know what the numbers are but a lot of folks have had enough and they are leaving.
Posted by: Abu Uluque   2018-07-26 12:59  

#7  Many techies have moved from California to Austin. They have driven up housing prices in Austin. Many people who have lived in Austin for awhile don't much care for the invasion. Supply and demand laws still seems to apply in Austin.
Posted by: JohnQC   2018-07-26 11:01  

#6  It has more to do with the soaring property taxes. In some counties the taxes are higher than mortgage payments.
Posted by: 49 Pan   2018-07-26 10:47  

#5  I prefer land title taxes (and cut income taxes) which act as selectively higher interest rates on land title speculation and thus prevent capital being used for anti-productive rent seeking.
Posted by: Bright Pebbles   2018-07-26 09:18  

#4  Federal tax deduction of housing interest rates should be pegged to the average income of the American taxpayer. That will cool down speculative housing markets in the high end.
Posted by: Procopius2k   2018-07-26 07:46  

#3  Could be the result of the new limits on the deductability of SALT.
Posted by: Flilet Omeremble3846   2018-07-26 07:28  

#2  Is there some mystical link between rising price and falling demand with supply unchanged?!?
Posted by: Bright Pebbles   2018-07-26 05:32  

#1  Here in SW Ohio the Chinese aren't buying so much housing.
Might be more problems for west coast banks than problems for the rest of us.
Posted by: jvalentour   2018-07-26 00:54  

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