Man, renting was never better than it is today.
Losing $3000 a f*cking week? That's gotta suck. $13,000 a month in capital depreciation, combined with $5000 a month or so in carrying costs, and you've got a $18,000 a month problem. And that's why millions are just going to say f*ck it, f*ck the bank, and just turn in the keys.
Yup, should've listened to HousingPANIC instead of idiot realtors on commission, or the biggest fraud of them all, Leslie Appleton-Young at the California realtors Association.
Hey, we were only trying to help. Meanwhile, California is now going to have a budget shortfall and economic downturn that will shock the world.
California freefall: Home prices fell 26% in February
Signs of distress are piling up in the California housing market, where prices are falling at three times the national rate of decline.
--Statewide, median sales prices fell by a stunning 26% in February, with home prices dropping at a rate of nearly $3,000 a week, the California Association of Realtors reports. Further, the CAR says the Fed's interest rate-cutting campaign "will have little near-term direct effect on the housing market."
"It's bad. It's really bad," market analyst Nima Nattagh told the Daily News.
The California Association of Realtors reports median prices fell 27.2% from year-ago levels in the hard-hit Inland Empire east of Los Angeles, 30.9% in Sacramento, and 39.1% in Santa Barbara County.