California home prices fell 6.2 percent in the year ending in August, 7th biggest drop among the states, according to new data from CoreLogic.
That drop is calculation from all sale transactions in the state. Curiously, when distressed transcations are removed from the math by CoreLogic — homes sold after foreclosures or by sellers getting less than the mortgage owed — California pricing was only of 0.8 percent in the year.
In our local tri-county area we are seeing a trend to level off. Prices in the Gilroy and Morgan Hill area are holding and buyers are coming out to take advantage of the opportunities.
I think people should put fear aside and know that in the past 40 years the stock market has dropped 11 times, while the Real Estate market, only 3.
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