Pacific Views
You've been had. You've been took. You've been hoodwinked, bamboozled, led astray, run amok. - Malcolm X
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| Pacific ViewsYou've been had. You've been took. You've been hoodwinked, bamboozled, led astray, run amok. - Malcolm X |
Calculated Risk links a 2005 Orange County Register front page article that highlighted an Orange Country home on its way up the leading price curve (just over $600,000).
In 2008, the house once again represents the larger story in Orange County. CR has a chart that shows what the house value would have been if the price had tracked with inflation instead of a bubble. If the house price falls back to the inflation adjusted value, it would need to fall over 50% (from $603,000 at it's peak to it's early May price of $439,000 to reach the inflation-adjusted price of $239,000).
So how much lower will prices go? The indicators seem to say that they will go a whole lot lower.
