Homes prices free fall in California

According to the California Association of Realtors (CAR) home sales decreased by 28.5% and the median home price fell by 26.2% in February (compared to one year ago).

Below is a quote from CAR President William E. Brown:

Although sales rose for the fourth straight month in February by 9.5 percent compared to the previous month, they continue to be dragged down by the ongoing effects of both the credit/liquidity crunch and tighter underwriting standards that have reduced the pool of qualified buyers who can obtain a loan ...

My Take

If you were thinking about taking the plunge and buying a home in California, read the article (linked below) and reconsider...

Read the full report here.