California Dreaming

Finally, some good news...

Signs of distress are piling up in the California housing market, where prices are falling at three times the national rate of decline.

--Statewide, median sales prices fell by a stunning 26% in February, with home prices dropping at a rate of nearly $3,000 a week, the California Association of Realtors reports. Further, the CAR says the Fed's interest rate-cutting campaign "will have little near-term direct effect on the housing market."

I've been waiting to buy a house here in Cali since I moved here from Hawaii in 2005. Hopefully that 3k a week dip will persist for a while so I can buy something at a reasonable price.