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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Comments

[Fuji]

Um, yeah, conservatives didn't control the housing market. It's a greed thing caused by speculators.

[mmckinl]

Prices will continue to go down. The cost of owning has skyrocketed with energy , insurance and water bills surging ...

Those boomers are now looking to buy much more affordable properties.

Who knows, maybe Europeans and Chinese will buy , then we can cut their lawns to buy our Medicare Part D

[loki]

Where did they get that photo? The house looks like someone attached 2 small trailers to their gazebo??

[loki]

I know my house will lower in value now. I dont care, I bought my house years ago, and didnt use the increasing value to mortgages myself into a corner. My question is , will my property taxes go down as my property value does????

I know, Im a dreamer. Its never happened before.

[realitytrumpsbull]

Living in a tent? Living at someone else's home?
Thank your friendly neighborhood local housing flipper...

[curiousasheck]

I'll bid 1 cent on the dollar.

[OneVoiceInACrowd]

Hey, when that $3.6 Million dollar home gets down to, oh say, $275k - give me a call!

[curiousasheck]

He knows it in his "Gut"

Trusts his stomach rather then his intellect. If there is any in his case.

[Lt]

Is not the CONSERVATIVE

economy a great thing for America?

Than you all - loyal bushies!