Case-Shiller: Home Prices Nearly Flat in OC in March

Let’s check in on the S&P/Case-Shiller Home Price Indices (HPI). Here’s a summary of the latest data for the Los Angeles area, which includes LA and Orange Counties:

March 2011
Month to Month: Down 0.3%
Year to Year: Down 1.7%
Prices at this level in: September 2003
Peak month: September 2006
Change from Peak: Down 38.8% in 54 months
Low Tier: Under $300,374
Mid Tier: $300,374 to $486,730
Hi Tier: Over $486,730

Since Case-Shiller lumps LA and Orange Counties together, I won’t repeat everything I wrote on the LA Sweet Digs blog. For more analysis and some graphs of the LA Case-Shiller data, check out my post over there: Case-Shiller: Home Prices Nearly Flat in LA in March

  • LB

    This is what happens: a house sold fro $235,000 in 2002,just touching on the bubble. In 2005 an additional loan was taken on the house -$300,000. That loan disappeared, whatever it was up someone nose or down stock market, in 2010 the bank(s) repossessed the house and pretend that it is wonderful, cheap price buy for $257,000.
    The house is empty and decrepit as no one lived in it for years and no one did any repairs.

    It's a scam.

    Tha bank wants bank all the money it stupidly loaned on a cracker box. It expect the new buyer to pay asmuch of that long gone loan as possible because the new “owner” defaulted, got short sale approved and owesnothing on the house- even if the $300,000 bought him a beach house in Mexico.

    The house is now worth about $200,000.

    If you buy it and overpay, you will start with negative mortgage. When you need to sell, you will have to take a hit. The bank doesn't mind, you will give tham nearly $60,000 as down payment and pay all the exorbitant fees. They will buy it or foreclose it on you in couple of years, keeping the fees and down payment, and re-sell it. It's win -win for them.

    You are the loser.

    Elsewhere it is called speculation and it's a crime. Here it's called Wall Street derivative market.