California Prices Still High....

If you do a comparision since the late 80's, California homes average currently at $444,000 are still @ 2.54% the national average of $177,000. What a bargain huh...? I can recall in the early 1980's when interest rates were 12-19% and home prices weren't the issue. We have seen the worst of this downturn....I've heard rumors of "the next wave of foreclosures" coming down the road. However, the banks have figured out ways to create buyer frenzy - it's called online bidding. Basically stated, the holder of the note puts their properties on our MLS (Multiple Listing Sevice) which feeds information about the properties to Realtors and the Internet. From the MLS, they feed numerous free property search websites like Zillo, Realtor.com, etc. where the public in general gets this information firsthand. They disclose the highest going bid...well that sounds unethical. What do you think...? Send me a note.