Friday, December 28, 2007

WHOA! (Or do I mean Woe? Hmmm.)

PEOPLE! I have a shocking announcement. Are you sitting? Breathe in through your nose, and out through your mouth. Ready?

The Case-Shiller year-over-year decline for LOS ANGELES of April 1991 vs. April 1990(a.k.a. the begining of the last bust in housing) was 7.16%.

Do you know what the year-over-year decline for LOS ANGELES was for October 2007 vs. October 2006? Do you?! *drum roll*

8.83% !

That's a record.

Source. (Note: It's in MS Excel)


Patient Renter said...

Congrats. Let the good times roll.

Oh, I mean, who cares! What does this Shiller guy know anyways? There's never been a better time to buy!


Kate said...

Dear Patient:

Just the other day somebody said to me that this whole "market adjustment" is nothing more than "wishful thinking."


Paul said...

I see asking prices down 20-30% is tarzana (melody acres) from last year...and still no buyers...
I offer 40% less than peak numbers, any smart buyer should not offer more.