Tuesday, January 15, 2008

30% Down looks harder to defend

by Ken Houghton

Via Dr. Black, the Irvine Housing Blog revisits a property, now listed for 26.3% less than it was initially.

Citi (whose only capable high-level executive, judging by their presentation today, departed because of alleged relationships with Maria Bartiromo) is projecting a 7% decline in house prices over each of the next two years. That would leave the house in "deisrable Heritage Park" around the $388K level, or 31.2% down from its last actual sale—in May of 2005.

The plural of anecdote still isn't data, but induction may be gathering steam.

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