Southern California Housing Market Is Down Yet Again

The Southern California housing market, often a bellwether for the rest of the nation, is officially in bad shape:

The sluggish Southern California housing market took another hit in January, with sales plunging 17% from a year earlier, according to a report released Wednesday….The median [price] is now $32,000 below its all-time high reached in June and sales, clocking in at 12,665 last month, haven’t been this low in January since 2008.

….As homes have sat unsold, the number of listings has swelled, spurring more sellers to trim the asking price to close a deal. In Los Angeles County, nearly 28% more homes were on the market in January than a year earlier, according to Zillow. Nearly 16.5% of those listings had at least one price cut last month, up from 10% a year earlier.

There’s an awful lot of red in this chart from the LA Times:

None of this means we’re looking at a housing bust à la 2007. But it’s not a great sign of continued economic growth either. Y’all be careful out there.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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