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How Low Will Housing Market Go? Much Lower, Say Experts
Eric S. Broida wants to trade up. He has been eyeing a multimillion-dollar house near his Pacific Palisades home and thinks it might be a bargain. Eventually, that is.
The 4,600-square-foot house has languished on the market for six months. The sellers have cut the asking price several times, slashing it from $4.6 million to $3.6 million.
When the price falls by an additional $400,000 or so, Broida will be ready to pounce.
"There is nowhere to go but down from here," said Broida, a leasing broker for office space. "I know it in my gut."
Few would argue. Southern California home prices have fallen for five straight months, according to data released this month, and are now down 12% from their peak last spring and summer.
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Los Angeles Times | Peter Y. Hong | November 27, 2007 08:32 AM