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Friday, September 10, 2010

Ventura County mid-tern median price house drops

Is Ventura County the indicator for the future of Orange County?  Dr. Housingbubble give a short but very good analysis of the median price for Ventura County.

Housing in Ventura County reached a peak in June of 2006. At that time, the median home price hit $627,000. Interestingly enough, the median household income at that time was roughly $70,000. Yet this metric seems to be common throughout California. Many of the bubble areas reached a crescendo bubble price point at a ratio of 10 times annual household income. As the bubble popped, median home prices have fallen 40 percent. The current median home price is $370,000.

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