According to the Wall Street Journal, "If you own a home in a former bubble region like California or southern Florida, there's bad news... and really bad news."
Don't go bargain hunting in these markets (though there are always a few good bargains in all markets from time to time). Prices have been sinking in Arizona, Florida, and California, but still homes are way too high-priced for average personal incomes in these and other markets, so residential property prices will need to keep falling before the deals begin to surface, and especially in the aforementioned three states.
It could take another 10 years for California wages to rise to make today's home prices look reasonable.
According to the WSJ article, "Median prices in California peaked in 2006 at 13.3 times per capita incomes. They may be down now to about 11.1 times." Click Here for the Complete WSJ Article
giving you the advantage...®
Taunya Fagan Bozeman Real Estate 406.579.9683 firstname.lastname@example.org