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CA Home Prices Plunge 17.9% in Feb. --Equity Draining away...

Submitted by mefleabyte on Thu, 03/13/2008 - 23:07
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Median home prices plunged in many of California's most populous counties in February, with Southern California leading the slide with an overall drop of 17.9 percent compared to a year earlier, according to new housing data released Thursday......The dynamic has worsened the prospects for many homeowners desperate to sell as falling home values drain their equity.

http://biz.yahoo.com/ap/080313/california_homes_prices.html?...

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This is a market correction

Submitted by healthnut4freedom on Thu, 03/13/2008 - 23:17.

Being from Northern California I can tell you the home prices in California went crazy. They were extremely overpriced in a very short time. We benefited greatly from this because we sold our house at the peak and took our money and ran; but anyone who stayed are dealing with the consequences. I saw this coming, for sure.

Healthnuttie for Ron Paul

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Healthnut4freedom

The lip of truth shall be established forever: but a lying tongue is but for a moment...Lying lips are abomination to the LORD: but they that deal truly are His delight. Prov 12:19,22

Good for you!

Submitted by DC on Thu, 03/13/2008 - 23:18.

You could probably buy it back in a few years and pocket the difference.

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"Make the lie big, make it simple, keep saying it, and eventually they will believe it." -- Joseph Goebbels