The latest CSI data clearly indicates that the price trends are continuing to slump and the more timely and less distorted Radar Logic RPX data is continuing to capture notable price weakness nationwide. While some of this data has no relationship to local Los Angeles markets, psychologically it weights heavily on both buyers and sellers. Further, both composite indices are now showing notable year-over-year declines, a weak sign indeed.
The 10-city composite index declined 2.91% as compared to March 2010 while the 20-city composite declined 3.61% over the same period.
Additionally, both of the broad composite indices show significant peak declines slumping -32.98% for the 10-city national index and -33.10% for the 20-city national index on a peak comparison basis.
Maureen Maitland, a S&P vice president, attributed the continued bad news to the varying states of recovery in regional economies, a general lack of confidence in the housing market and an oversupply of homes, including foreclosure inventory that is dragging down prices.
"If you can hang onto a house right now and you don't have to sell, you don't," Maitland said. "All indications are that prices are going to continue to fall."
"This month's report is marked by the confirmation of a double-dip in home prices across much of the nation," said David Blitzer, chairman of the S&P index committee, said. "Home prices continue on their downward spiral with no relief in sight."
When left unadjusted for seasonal variations, 18 out of the 20 cities declined from February to March, with Los Angeles down 0.3%, San Diego down 0.8% and San Francisco falling 0.1%. Seattle, up 0.1%, and Washington, up 1.1%, were the only two cities to post month-over-month gains.]
Although economists say there are many factors in favor of purchasing a home -- including increased affordability and rock-bottom interest rates -- falling prices influence buyer psychology because people don’t want to lose money on an investment that may drop in value in the near term.
Our advice: Buy a Foreclosure or Short Sale.
South Bay REO Listings: Condos, Townhouses, Houses
Manhattan Beach REO Foreclosure Listings MLS
Hermosa Beach REO Foreclosure Listings MLS
Redondo Beach REO Foreclosure Listings MLS
El Segundo REO Foreclosure Listings MLS
Rancho Palos Verdes REO Foreclosure Listings MLS
Rolling Hills REO Foreclosure Listings MLS
Rolling Hills Estates REO Foreclosure Listings MLS
Torrance REO Foreclosure Listings MLS
Lomita REO Foreclosure Listings MLS
San Pedro REO Foreclosure Listings MLS
Hawthorne REO Foreclosure Listings MLS
Gardena REO Foreclosure Listings MLS
Lawndale REO Foreclosure Listings MLS
Inglewood REO Foreclosure Listings
Carson REO Foreclosure Listings
Westside REO Listings: Condos, Townhouses, Houses
Culver City REO Foreclosure Listings MLS
Palms-Mar Vista REO Foreclosure Listings MLS
Santa Monica REO Foreclosure Listings MLS
Venice REO Foreclosure Listings MLS
Marina Del Rey Foreclosure Listings MLS
Playa Del Rey Foreclosure Listings MLS
Playa Vista Foreclosure Listings MLS
Westchester Foreclosure Listings MLS
Beverly Hills Foreclosure Listings MLS
Bel Air - Holmby Hills Foreclosure Listings MLS
Hancock Park Foreclosure Listings MLS
Westwood - Century City Foreclosure Listings MLS
Pacific Palisades Foreclosure Listings MLS
Malibu Foreclosure Listings MLS
South Bay Short Sales: Condos, Townhomes, Houses
El Segundo pre-foreclosure condos, townhouses, single family homes MLS listings
Manhattan Beach pre-foreclosure condos, townhouses, single family homes MLS listings
Hermosa Beach pre-foreclosure condos, townhouses, single family homes MLS listings
Redondo Beach pre-foreclosure condos, townhouses, single family homes MLS listings
Rancho Palos Verdes pre-foreclosure condos, townhouse, SFR MLS listings
Rolling Hills Estates pre-foreclosure condos, townhouses, SFR MLS listings
Rolling Hills pre-foreclosure condos, townhouses, single family homes MLS listings
Torrance pre-foreclosure condos, townhouses, single family homes MLS listings
Lomita pre-foreclosure condos, townhouses, single family homes MLS listings
San Pedro pre-foreclosure condos, townhouses, single family homes MLS listings
Gardena pre-foreclosure condos, townhouses, single family homes MLS listings
Lawndale pre-foreclosure condos, townhouses, single family homes MLS listings
Hawthorne pre-foreclosure condos, townhouses, single family homes MLS listings
Inglewood pre-foreclosure condos, townhouses, single family homes MLS listings
Carson pre-foreclosure condos, townhouses, single family homes MLS listings
Westside Short Sales: Condos, Townhouses, Houses
Culver City pre-foreclosure condo, townhouse, SFR short sale MLS listings
Palms-Mar Vista pre-foreclosure condo, townhouse, SFR short sale MLS listings
Santa Monica pre-foreclosure condo, townhouse, SFR short sale MLS listings
Marina Del Rey pre-foreclosure condo, townhouse, SFR short sale MLS listings
Playa Del Rey pre-foreclosure condo, townhouse, SFR short sale MLS listings
Playa Vista pre-foreclosure condo, townhouse, SFR short sale MLS listings
Westchester pre-foreclosure condo, townhouse, SFR short sale MLS listings
Beverly Hills pre-foreclosure condo, townhouse, SFR short sale MLS listings
Bel Air - Holmby Hills pre-foreclosure condo, townhouse, SFR short sale MLS listings
Hancock Park pre-foreclosure condo, townhouse, SFR short sale MLS listings
Westwood - Century City pre-foreclosure condo, townhouse, short sale MLS listings
Pacific Palisades pre-foreclosure condo, townhouse, SFR short sale MLS listings
Malibu pre-foreclosure condo, townhouse, SFR short sale MLS listings
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