Here’s an article from CNN that talks about another dip in home prices.
I really don’t think this is any surprise. I’ve been saying all along that foreclosures need to decline to stop the price decreases as banks (and the Realtors that they choose to price the REOs) are pricing below current comparables. If you look at the statistics dashboard, you’ll see the percentage of REOs and Short Sales. We’re pretty much at the same levels as we were in 2009. The city of SLO’s percentage of foreclosures has almost doubled this year meaning that SLO’s prices have been slow to “correct” but now are catching up in the areas where the foreclosures are. November was the highest level of foreclosures for SLO at 41%.
See the statistics dashboard here: