Even with the 10-15% drop homes are 7-8 times the average salary ,when historically homes sell for 3-4 times the ave salary,
does not make sense fundamentally, but neither does $3 gas, and thats not going anywhere,this was the debate at a dinner party we had last night...
2007-08-26 02:54:30 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
no
as you need a base of qualified buyers to buy
and as you have seen with the slide in home sales
their are not enough qualified buyers
so you see more price drops
as for the median price being so high
part of that is skewed by the fact that high end housing is still selling ok, and so those figures are mixed in with the drop in housing prices elsewhere and thus skews the median home price and makes it artificially high
even with the market correction, CA prices will still be higher than average as people will stay pay for it
it just won't be as high as before
2007-08-26 04:25:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, California will probably sustain it's housing market at whatever price. Recommendation, don't buy a house there.
2007-08-26 10:13:21 · answer #2 · answered by fangtaiyang 7 · 0⤊ 1⤋
You can thank Attorneys, lenders and demand on that one.
I live here.No way to afford a home here.
2007-08-26 10:03:10 · answer #3 · answered by thresher 7 · 0⤊ 0⤋
Yes. People want to live here and there are many, many people with money here.
2007-08-30 01:25:00 · answer #4 · answered by Genki 3 · 0⤊ 0⤋