Free-falling in Palmdale: Prices nearing $100K

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The free-fall in prices in distressed areas of Southern California is a major, and ongoing, story -- even if it bears little resemblance to what you’re seeing in your neighborhood. Collapsing prices are causing more foreclosures, and prices continue to collapse, raising the likelihood of more foreclosures. This is what most of us call a ‘vicious cycle,’ although the Fed chairman, who evidently doesn’t like name-calling, prefers the less judgmental ‘economic feedback loop.’

In one Palmdale neighborhood, median sales prices are closing in on $100,000.

Here’s an update of August median sales prices in some of the most distressed neighborhoods in Los Angeles County.

Area / ZIP median price, July median price, August / median price per sq. ft.
Palmdale/93591 $105,000 $101,000/$72
Lancaster/93534 $124,000 $125,000/$89
Lancaster/93535 $148,000 $140,000/$91
Palmdale/93550 $150,000 $145,000/$100
Littlerock/93543 $180,000 $158,000/$116
Palmdale/93552 $190,000 $179,000/$101
Lake Hughes/93532 $195,000 n/a / n/a
L.A.-Watts/90002 $200,000 $172,000/$154

-- Peter Viles

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