Quote:
Originally Posted by sammyg2
Houses that were extremely over-inflated (like the examples above) are dropping like a rock and well they should. People got carried away with speculation and paid double what some of those "$2 million" homes were worth.
On the other hand, reasonable 3 or 4 bedroom homes in a decent area are holding their value much better. Bottom line is, stupid is as stupid does. Paying millions for one of those homes is ridiculous and people are finally figuring that out. They are looking to reasonable (for so cal) houses in the $600k to $700k range.
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The areas in So. Cal. that lead the bubble have now reverted to 2004 or so pricing, and are headed to 2003 pricing.
That former $664,000 will also go down to where it was worth in 2002/2003. At best.