22% of California Homes For Sale Have Price Reductions
California home sales
Trulia.com, in a recent report, found that as of Jan. 1, 2010, 21 percent of homes currently on the market have experienced at least one price reduction. The total amount reduced for all homes nationwide declined to $21.2 billion in January compared with $24.7 billion in December. The average discount for homes with price reductions remained at 11 percent, according to the report. In the west, which includes California, 22 percent of listings experienced price reductions.
Del Mar California real estate
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Lower housing prices are good for the nation since they allow the nation’s capital to flow into productive assets (like small businesses) instead of the perpetually trading of houses back and forth at ever increasing prices with no mooring to economic fundamentals (i.e., the recent housing bubble).
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Might this be a result of the continued delusional thinking (prevalent throughout SD county, and SoCAl in general) that “it’s always a great time to buy a house,” “Home values always go up,” “Everyone wants to live in SoCal,” etc., etc?
Funny…and sad at the same time. Must be too much sunshine that cause people to accept such widespread but mistaken beliefs. That would explain the continuing WIPEOUTS in Las Vegas, Arizona and Florida real estate markets, too.