Mission Viejo Real Estate Price Trends

Just yesterday the LA Times reported on the Credit Suisse report that the price declines in the real estate market will continue until the end of ’09 or early ’10. 

They noted:

The report, using two separate methods of predicting home price trends, says both methods “point to home prices moving back in line with past historical ‘equilibrium’ levels in 12 to 18 months...”  The report notes that housing prices could “overshoot” their equilibrium levels, and fall for even longer than 12 to 18 months, in which case, “‘cheap’ housing is still about two years away.”

Whether you think the bottom hit last week or that we still have about 3 years before things bottom out, the numbers are still make just about anyone who bought past 2003  cringe.  Just where are prices these days?  According to the Redfin neighborhood page you can see the following trends.

Single Family Homes

Condos

As you can see it’s a slippery slope down.  But what’s the difference in what these sellers are asking for vs. what they are receiving at closing.  As far as single family homes, they are receiving about 14% less than what they were asking.  As far as condos, they are receiving about 13% less than the asking price.  Have we hit bottom, I don’t think so.  As far as 2012, that seems a little longer than I think as well.  Only time will tell though!