Relevant:
- The median home price here is $980,000
- 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.
- California Home Prices Rise for First Time in 16 Months
- best places to buy a foreclosed home
- Southern California Home Prices Soar
2016-04-04 — ml-implode.com
...
Recently, I was talking to a Realtor in Southern California. He was positive that his home had gone up in value over the last year, after reading all the press reports about home values having risen. He told me his home would appraise for $550,000.
The appraisal came in at $435,000.
Another homeowner in Northern California. Last year, his home appraised for $600,000. He assumed that this year it would be worth even more... and maybe he would have been right and it would have gone up some... except that the house next door went into foreclosure and is now sitting vacant.
Today's appraised value... $525,000.
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