Has California's Housing Market Seen The Bottom Yet?

I gather information and statistics from several online sources, in an effort to balance opinions and find the truths of how this housing and economy mess is really going to impact Buyers and Sellers here in Santa Clarita, Ca. I also believe every action has an equal and opposite reaction, meaning opportunity will blossom from this mess. However the housing market hasn't bottomed out yet. For the third quarter, the closely-watched S&P Case-Shiller national home-price index fell 16.6%, and experts are predicting further declines. Of the top 100 markets, numerous California cities were ranked high amongst the 10 with the worst forecasts.

1. Los Angeles
2008 median house price: $375,340
2009 projected change: -24.9%
2010 projected change: -5.1%
The median home price in the L.A.-Long Beach-Glendale metro area is projected to fall nearly 25% in 2009 - the biggest drop in the country.

2. Stockton, Calif.
2008 median house price: $248,050
2009 projected change: -24.7%
2010 projected change: -4.0%

3. Riverside, Calif.
2008 median house price: $256,540
2009 projected change: -23.3%
2010 projected change: -4.8%

4. Miami-Miami Beach
2008 median house price: $293,590
2009 projected change: -22.8%
2010 projected change: -6.4%
Miami will be nursing the hangover from its epic building boom for years to come. After falling 22% in 2008, prices are predicted to plunge another 23% next year.

5. Sacramento
2008 median house price: $225,140
2009 projected change: -22.2%
2010 projected change: 2.3%
AP Photo/Joan C. Fahrenthold

6. Santa Ana-Anaheim
2008 median house price: $532,810
2009 projected change: -22.0%
2010 projected change: -3.5%

7. Fresno
2008 median house price: $257,170
2009 projected change: -21.6%
2010 projected change: -3.3%
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8. San Diego
2008 median house price: $412,490
2009 projected change: -21.1%
2010 projected change: -2.9%

9. Bakersfield, Calif.
2008 median house price: $227,270
2009 projected change: -20.9%
2010 projected change: -2.5%

10. Washington, D.C.
2008 median house price: $343,160
2009 projected change: -19.9%
2010 projected change: -5.7%

For Buyers, the above home price projections, along with the lowering interest rates provide great purchasing power for first time buyers, vacation home purchases and investment properties. Its important that buyers utilize a Certified Distressed Property Expert who will educated them on the financial opportunities this market is presenting and how their purchase will help a distressed property owner avoid foreclosure.

For distressed sellers, As Certified Distressed Property Experts, Jennifer and I can consult you on how to use these statistics when submitting for a loan modification or proceeding with a Short Sale to prevent Foreclosure. Our Expertize and understanding of the foreclosure process enables us to prevent many of the pitfalls that are associated with this constantly changing process.

Given the market conditions the need to understand distressed properties is no longer a luxury, this has become a requirement for every Realtor. Those that are buying and selling in this market need an Expert to represent them. Jennifer and I understand this real estate market has caused unbearable stress and heartache. As Certified Distressed Property Experts, we can give you the expertise necessary to save your credit, relieve the uncertainty and most of all, help your family.

If your in Santa Clarita, San Fernando, Simi or Antelope Valley and your in the foreclosure process or facing a financial hardship that's leading you to a foreclosure, please contact Jennifer & Gary Ricco of Keller Williams VIP Properties at 661.290.3837 or www.riccosellshomes.com You can also visit www.distressedpropertyinstitute.com to learn about the designation.