Dataquick November Stats Show Double Dip - Home Market Sinking

According to reputable real estate statistics company Dataquick, Southern California home sales fell in November to the second-lowest level for that month in 18 years, reflecting the weak economic recovery, a dormant new-home market and tight credit conditions. High end home sales are especially weak, but the median price paid for a home rose above a year earlier for the 12th consecutive month, though November’s gain was the tiniest yet.  Buyers be careful out there - factor future home value declines into your offering prices!

OC Home Prices Falling - Double Dip Confirmed

More evidence that Orange County home values are on the decline once again! This year’s price rally has faded, according to the OC Register.  If you are a home buyer, keep in mind that you are buying a declining asset and you will lose value every month, on top of your mortgage payment.  Renting is far superior at this point in time.

This data comes from CoreLogic, whose Orange County slice of its nationwide home price indexes shows local values falling at a 2.56% annual rate in October.
It was the second month of year-over-year declines following eight consecutive increases. Before that upswing, the CoreLogic index for Orange County had fallen 37 straight months on a year-over-year basis.

High End Listing Prices Too High - Increase in Price Reductions - OC Register

Buyers, another reason not to trust those high end list prices in Orange County - most were way too high and are being reduced by a whopping 10% compared to last year. Yet high end home sales are still stagnant. This means that even the reduced list prices are far above the real market values of these homes. Buying a high end home entails a risk that you will pay way too much and be left holding the bag. Can you say "poof, there goes your downpayment?"
For more info see the OC Register here.