Early May O.C. home prices below $500,000, We are already in the $400k territory baby!

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PANDA DREAMING OF IRVINE_IHB

PANDA DREAMING OF IRVINE_IHB

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It is time to celebrate! We are in the $400k territory for OC median home prices! YYAHHOOOO!!!!! Happy, Happy Panda!!



Early May O.C. home price below $500,000

May 23rd, 2008, 9:23 am ? 86 Comments ? posted by Jon Lansner/O.C. Register columnist

Fresh homebuying stats from DataQuick shows you no longer need a half-million bucks to buy the mythical ?typical? Orange County residence. For the 22 business days ended May 6, the median selling price was $490,750, a 22.1% drop from a year ago and 23.9% off the June ?07 peak of $645,000. If the current pricing hold for all of May, it would mark the first time a month?s median had been below $500,000 since March ?04.



March '08 Irvine Median Home Price: $622,062.50

April '08 Irvine Median Home Price: $614,375.00

May '08 Irvine Median Home Price: $576,562.50



http://lansner.freedomblogging.com/2008/05/23/early-may-oc-home-price-below-500000/
 
I enjoy laughing at folks who bought bad, but frankly I'm not happy one bit at the fact the market has another 40% or so to go down.



I know somebody who got caught in a liquidity pinch (1984 or so) when the S&L;went busto. It flat decimated a company with 100 employees, $15m in revenues, and 600 pieces of equipment - overnight- to a company with 12 employees and a million bucks in revenues. There just wasn't any money to loan and they had leverage.



When the big banks start falling (and they will) I suspect we'll see exactly this, and I'm not looking forward to it.
 
And so I can take off my tinfoil hat for a while (if you saw the DIY HD antenna I made today for $10 that OWNS the $70 amplified one I bought you'd understand), today I'm not the only bozo on the bus.



<a href="http://www.marketwatch.com/news/story/weekend-edition-bank-failures-surge/story.aspx?guid={2FCA4A0C-227D-48FE-B42C-8DDF75D838DA}">Marketwatch is riding with me.</a>
 
<a href="http://www.ft.com/cms/s/0/3bdf1cc8-282b-11dd-8f1e-000077b07658.html ">Anon's link to the FT article that states the Jumbo market is gonna get frozen again unless Congress extends Fannie and Freddie's ability to buy them.</a>
 
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