The April dataquick numbers are in and things are still tanking for Laguna Beach home prices.
The median single family home price in Laguna for April was $1.16 million, down a whopping 31%.
May and June should pick up a little given it is the summer buying season.
The economy and the lack of good financing is just killing the homes priced above the median, for which one would borrow more than the current $729,000 conforming jumbo limit. This pressure will continue past any little summer jump and things will slide further as we go toward December.
If you put in an offer, make sure the offer price is low enough so that you don't end up holding the bag for these future losses.
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1 comment:
This was true the time post was written and according to me similar conditions prevails now as well. As a result the home prices are at their lowest level.
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