LA Area Home Prices Drop By 1/4

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By
Muhammed El-Hasan
on April 23, 2009 11:01 AM | | Comments (0) |

Home prices in the Los Angeles-Long Beach-Glendale region slid 24.94% in February compared to a year ago, according to real estate data source First American CoreLogic.

Nationwide, home prices dropped to their 2004 levels.

Mark Fleming, chief economist for First American CoreLogic, said in a statement:

"Over one-fifth of U.S. housing wealth has vanished and home prices continue to decline. Decreases are now being driven by rising unemployment and a high volume of distressed home sales. Given that home prices are generally a lagging indicator of market health, we believe the largest declines have already taken place, but we expect home prices to continue to decline into 2010 as economic conditions and excess housing inventories dampen prices,"

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This page contains a single entry by Muhammed El-Hasan published on April 23, 2009 11:01 AM.

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About Biz Waves

Biz Waves is a one-stop Web hub for business news and content from the South Bay region of Los Angeles County and beyond.

The primary contributor is:

Muhammed El-Hasan, a business reporter at the Daily Breeze since 2000, covers aerospace and everything else about business in the South Bay. Muhammed previously reported at the San Bernardino Sun and the community news division of The Orange County Register. He also worked as a researcher in the Jerusalem bureau of the Los Angeles Times in 1996-97. But his career highlight as a young man was driving a forklift at a Gardena company near Hawthorne, where he grew up.

You can email Muhammed at muhammad.el-hasan@dailybreeze.com

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