Wednesday, March 26, 2008

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.