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That's what Fortune says about 2009. L.A. prices are projected to fall almost 25 percent in 2009 and another 5.1 percent in 2010. That's worse than Stockton, Riverside, Miami and Fresno. Problem is, Fortune doesn't say where those numbers are coming from ("experts" is all that appears in the headline). Too bad there isn't a better explanation behind the forecast. While California home prices fell by the biggest margin in the nation for the 19th straight month in November, the declines appear to be getting less steep. The OC Register's Jon Lansner cites figures showing a 25.9 percent drop in November, down from 30.4 percent in August. The question, I suppose, is how much further down those prices are likely to go - and where in L.A. County will those drops be mostly felt.
FORTUNE 2009 FORECAST
1)Los Angeles, -24.9%
2)Stockton, -24.7%
3)Riverside, -23.3%
4)Miami, -22.8%
5)Sacramento, -22.2%
6)Santa Ana, -22%
7)Fresno, -21.6%
8)San Diego, -21.1%
9)Bakersfield, -20.9%
10)Washington, D.C., -19.9%
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.