Invisible L.A.

Is it a good time to buy a home in Los Angeles? Will we see better deals in 2008? One thing is sure Los Angeles home and condo prices are falling. We are in a buyer’s market. Many believe that we will see further housing bubble declines of 30%

In Los Angeles and Orange counties, real estate prices fell 8.8% year-over-year, in the Standard & Poor’s/Case-Shiller composite index.

Nationwide using a sample of the 10 major US metropolitan areas home prices declined an average of 6.7% from a year earlier, the biggest decline since the index was started in 1987. This is the biggest decline since April 1991 decline of 6.3%.

The San Diego area suffered the fourth-worst decline, with an 11.1% fall from last year. The only higher declines were in Miami (12.4%), Tampa (11.8%) and Detroit (11.2%).

The Los Angeles real estate market peaked in September 2006.