More red flags in California’s Housing Market

The Daily Kos blog has weighed in on the California housing market, mostly with an analysis of the recent California Association of Realtors survey. It winds it up by saying: “Now, I know that many of you (outside of California) might be a little stunned that the median price of a home for first-time buyers was $450,000. In San Francisco that might get you a studio sitting alongside the freeway. It’s truly that absurd. Also, I think it’s important to link together a few of these points. You have the first decline in median net cash gain in 10 years. The first decline in median down payments in 12 years. 20 percent of all homes being purchased with no down payment. The median price increased dropped from 14 to 2 percent in one year. You do the math.”