Implode-o-Meter News - Beverly Hills witnesses a 23 percent annual decline in home values -- Low interest rates do not mean long-term housing prices will go up. Just look at Japan and their historical interest rates.

The press has been talking about the housing bottom for all of 2012. Of course they rarely discuss that prices have been pushed up thanks to the record low interest rates. However, expensive areas in California are seeing prices fall. By how much? The 90210 Beverly Hills zip code is down over 23 percent in one year. This is interesting because many of the home buyers in this market are cash buyers so low interest rates have little impact on their purchasing of say a $2.5 million home. Yet many mid-tier and upper-tier areas continue to fall in spite of the FHA and low interest rate buying frenzy

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Beverly Hills witnesses a 23 percent annual decline in home values -- Low interest rates do not mean long-term housing prices will go up. Just look at Japan and their historical interest rates.