OC Median Asking Price Down Almost $120,000

I poured myself a cup of coffee this morning and decided to have a look at asking price data at one of my favorites sites Housing Tracker.

According to the data at Housing Tracker, the median asking price for homes in OC reached it's peak in May of 2006. At that point, the median seller was asking nearly $700,000 ($694,600)for her home. Today, she is asking nearly $120,000 less.

Over life of a 30 year loan at 7.5%, a buyer purchasing a home at today's median versus the median at the peak will save almost $300,000 in principal and interest. That buyer would also save rouhgly $53,000 in property taxes, for a total savings of about $350,000.

That is an amazing amount of money and a tremendous reward exercising bearish prudence. You should be proud of yourself.

Viva los Osos!