The Big Picture: City of Los Angeles

Browsing around, I found this great snapshot of the situation in the City of Los Angeles. Prognosticators are, of course, all busy foretelling the future for the real estate market here. Prices have bottomed out. No, prices will go down even further. No, by the end of the year prices will be on the upswing again. Kind of confusing, no?
Well, according to this, since 2000, prices in L. A. are up 176%!! Since the peak in 2006, they’ve dropped 32%. That’s a lot, of course. The main problem seems to be that most of this happened so fast. One day your house is a gold mine bankrolling your retirement, cruises and all those new gadgets. Big-screen TV, anyone? Almost the next day it’s become nothing but a money pit, sucking you dry ,thrusting you headlong into the poor house as you are trying to pay your upside down mortgage…

And, the prediction? Hold on now…another 15% drop this year. The bottom will come late in 2010 at 2001 prices. Yeah, could be right. Then, again could be wrong. Thanks Money Magazine and CNN or should we say Madame Zengala?

la-snapshot

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