It’s been a decade-and-a-half since housing rapidly turned from boom to bust. So I created a guide to California market downturns and where to find clues about what’s ahead.
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Jon Lansner
@jonlan
Business Columnist for O.C. Register/Southern California News Group.
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If California is too pricey for you, here’s some help to find a cheap state … with an important caveat: paychecks!
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Bay Area #homeprices 14% off peak, says Case-Shiller. San Diego’s down 10%. LA-Orange County’s off 7%!
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NHL All-Star traded just before the game? got an Eastern All-Star in 2003 … Sandis Ozolinsh! cc:
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103,900 worked at SoCal lending institutions in December, 8.8% off the industry’s recent #employment peak in March 2020. #mortgages
The 2022 drop in the 6-county median selling price from May’s record-high $760,000 to December’s $686,000 is the 3rd-largest percentage drop in this 7-month period over the past 35 years. (cc:)
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CoreLogic’s monthly median selling prices, all residences — existing and new, for December vs. spring’s high …
Orange Co., off 11%
San Diego Co., off 11%
Los Angeles Co., off 10%
Ventura Co., off 9%
Riverside Co., off 8%
San Bernardino Co., off 6%
Entire SoCal region? off 10%!
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As SoCal home sales slow dramatically, builder's share of activity grows. Why? They're "motivated sellers" who are willing to make deals. (cc:, , )
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Our developing story updated with report of nine killed in a shooting in Monterey Park. Our and have the latest for .
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Since 1971, #mortgagerates averaged 7.8% while #inflation ran 4% – a historic 3.8-point gap between home loans and CPI’s rate of change.
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Business output statewide grew at a 3.8% annual pace in the third quarter. California topped the nation’s 3.2% growth pace.
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Orange County’s November had 34 seven-figure ZIPs with 740 homes sales (42% of purchases) vs. May: 47 million-buck ‘burghs with 1,524 sales (52% of purchases)!
Inland Empire is California’s most-unpredictable housing market. Best year? Up 29% in 2004. Worst? Loss of 28% in 2008.
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Van data from 3 major lines says the share of exits among all California moves shrank: 55.7% of 2022 activity was outbound, down from 59.5% in 2021 and 58.5% in 2020.
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San Bernardino Co.’s median home price is 11% off its high, the Riverside Co. median is down 9%.
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Home prices in LA and Orange counties are 9% off their springtime highs!
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Compared with watching stocks, it feels like we’re hopelessly behind when it comes to tracking home prices.
No-mortgage owners in California are only 33% of all homeowners. Smaller shares? D.C. at 24%, Maryland at 28%, and Colorado and Utah at 30%.
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It was a crazy year that started out hot for property-related businesses and ended up cold, with plenty of twists and turns along the way.
San Francisco home prices are down 13% vs. spring’s pricing peak, San Diego’s off 8.5%, and LA-Orange County slipped 6.6%. (cc:)
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History tells us that collective wisdom isn’t always so smart. Let me help you form your own opinion about the chances for a significant economic stumble in 2023.
12/07/2021: and team up to score and create "the Zegras" play in a 2-0 win against .
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Home prices falling in two-thirds of U.S. metro areas
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Why California is the only state with declining wages
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Fascinating home-price chart: count of states with 12-month declines, by quarter. Why did it change so much after 2000? Any guesses? My thoughts are at bit.ly/priceswings
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California sales tax collections this summer ran at 7%-a-year growth. But that’s down from a 20% spending pop in 2021 — a speedy bounce from coronavirus lockdowns.
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SoCal’s 6% summertime pay hikes shows how many employers have been forced to pay up for talent in the pandemic era.
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Thought I'd step into the world of the for a column and review of the reviews of the 2022 Reverse Retro jerseys ... cc:
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Do you recall April 2002? Mortgages were last at 7%, gas cost $1.66, ER and CSI were must-watch TV ... and the Angels began their World Series run. Read: bit.ly/april2002
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Homebuying rapidly cools in LA-Orange County with 32% fewer purchases in September than a year earlier as house payments jumped 48% or more.
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Proud to be on front page with the end of my “Bubble Watch” column … hey, the #housingbubble burst, no? Read it at bit.ly/bubblewatchover
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Could mobile homes make California #housing more affordable? It has 508,589 already — No. 4 among the states. dailynews.com/2022/10/21/cou via
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Nobody left to hire: SoCal workforce was 8.73 million last month — 288,600 below pre-pandemic February 2020.
“You are a leftist hack” … My inbox highlights the debate over which statistics best portray the employment picture and my views on hiring and pay patterns.
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