Westside, Los Angeles
I have no particular interest in the Westside of L.A. but I consider it the weathergauge for the region. Here's a couple new blogs I've come across that focus on that area.
Sales data show some big-time losses b/w '05 & '07 for the specific listings shown. I wouldn't have guessed. I know prices have softened but are not really reflected yet in median price. L.A.'s been fairly resiliant so far, comparitively. By most accounts, it's all over the map but still headed in a downward trend . The biggest factor now (and latest news of course) is the collapse of the Sub-Prime market. Expect that to grease the skids for declines. It should fairly well kill first time buyer demand & lead to gridlock in the "move-up" market segment. The usual "spring kick" may mitigate that somewhat, but no much IMO.
Congress is having hearings tomorrow over this (lending) mess. Expect a pitch by the same socialist idiots to bail out the "poor disadvantaged, duped consumers" (stupid people) at the expense of the taxpayers (responsible people). Same shit sandwich. Talk about adding insult to injury. That would also prevent a much needed full & true correction.