Wednesday, September 20, 2006

When Is A Fizzle Really A Plummet?

LATimes (09.20.06), via WashingtonMonthly:
"For the first time since the latest housing boom started six years ago, home price appreciation for each of the six Southern California counties has fallen to single-digit levels or worse, data released Tuesday showed. The data also showed that the region's housing upturn appeared to be fizzling just as quickly as in the last major up cycle a decade and a half ago." Home Price Appreciation Slackens
Here's the accompanying chart. Does this look like a fizzle to you?
"There simply are more homes available for sale than people willing to buy them at current prices. Sales fell 25.3% to 25,628 in August, the ninth consecutive month of declines and the worst August since 1997." "After six years of sizzling price appreciation that doubled Southland home values, potential buyers now appear to be collectively sitting on the sidelines."


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