The Los Angeles County median home price is down 6 percent year over year. This in itself fails to highlight the deeper changes occurring in the most populated county in California. If we look back at 2011 we see that it was a year of corrections for the mid-tier and upper-tier segments of the market. This trend is likely to continue with even the most prime locations in Corona del Mar and Beverly Hills showing that they have plenty of shadow inventory to work through in 2012. Los Angeles County is full of cities so the 6 percent drop only tells you very little. If we break out the top declining zip codes the picture is very different today from 2008 and 2009 when low hanging fruit was selling for massive price cuts. Today those price cuts are hitting fully in areas like Culver City, Burbank, and Pasadena which we predicted for a few years based on area household incomes. Let us look at the top 20 falling zip codes for 2011 in Los Angeles County.
To see the full list of the Top 20 Price Declining Zip Codes and read the rest of the arcticle, click here.