Home prices in California gained slightly month-over-month in the non-seasonally adjusted CAR index, resulting in a disappointment for a state that was offering an additional $10,000 in tax rebates to purchase a home (7% - 8% the median home value). As of today, the state is no longer accepting applications as the $100 million alloted towards the $10,000 tax rebates has all been claimed. Median state prices have been more than cut in half and cities have declines varying from 37% to 75% peak-to-trough. This results in the median Californian having lost roughly $330,000 in just 2 years! In higher rent areas the price drops are even more staggering with Santa Barbara South Coast leading the way with a price drop of $875,000 in only a 1 ½ years! (more)
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