Christopher Thornberg, the most bearish of the housing experts quoted in the Los Angeles Times earlier this year (predicting in March that Southern California home prices would eventually fall 40% from their peaks), now expects that prices will keep dropping throughout 2009, until they’ve fallen 55% from their peak.
Even I found that a sobering estimate.
That would mean that the median Southern California home price will have done this:
$505,000 (top $) July 2007
$300,000 (-41%) October 2008
$227,250 (-55%) Eventual Bottom
There’s also a table, showing various regions in Southern California, and along with sales and price figures compared to a year ago.
Read the full story in the Los Angeles Times
“Price of Southern California homes falls 41% from peak”
November 19, 2008
Hat Tip: Larry Helmerich