http://www.bloomberg.com/apps/news?p...syA&refer=home
I wonder how many "asset backed" CDO and MBS derivatives are tied to these California properties?California home prices dropped 41 percent last month from a year earlier, more than double the U.S. decline, as surging foreclosures drove down values, the state Association of Realtors said today.
The median price for an existing, single-family detached home in California sank to $247,590 in February from $418,260 a year earlier, the Los Angeles-based group said in a statement. The U.S. median price fell 16 percent during the same period, the second-biggest drop on record, according to the National Association of Realtors.
In 1991 you could have "purchased" a nice 2500 sq. ft. ranch-style with 3 beds, 2 baths in Sacramento near Land Park for about $110,000!
So we have a long ways to go until we reach the bottom of the mine shaft.
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