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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Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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