06-25-2013, 09:17 AM
In August 2005 the median price of a average one family home in the San Fernando Valley reached $600,000. In 1997 it was $155,000. From July to August (one month) 2005 it rose by $100,000. By 2009 prices are down to $330,000.
I read the above in Wikipedia, I am pretty sure the median price went below $330,000, only now do I read in the newspapers regularly that prices only now are going up at a normal rate, not crazy like in 2005. You could and people did buy a house and sit on it a few months and make a bunch of money even after all the taxes and realtor costs. Of coarse at the end a lot of people lost their shirt.
For a long time when I walk around my neighborhood there was a foreclosed on vacant house every two blocks.
Also in Wikipedia Sylmar where I live has 70% owner occupied houses. Its also 70% Mexican. And Sylmar has some of the lowest density in the Los Angeles area because its in the far corner of the valley and not very many apartments.
I read the above in Wikipedia, I am pretty sure the median price went below $330,000, only now do I read in the newspapers regularly that prices only now are going up at a normal rate, not crazy like in 2005. You could and people did buy a house and sit on it a few months and make a bunch of money even after all the taxes and realtor costs. Of coarse at the end a lot of people lost their shirt.
For a long time when I walk around my neighborhood there was a foreclosed on vacant house every two blocks.
Also in Wikipedia Sylmar where I live has 70% owner occupied houses. Its also 70% Mexican. And Sylmar has some of the lowest density in the Los Angeles area because its in the far corner of the valley and not very many apartments.
Dennis