March 25, 2008
Experts unsure what's ahead
Ventura County's figures were a little lower than expected, but not "entirely surprising," said Gary Painter, director of research at the USC Lusk Center for Real Estate.
He says the median's 11.9 percent decline represents a "sample selection bias," reflecting that bank-owned properties were the largest component of sales. The median's drastic drop could signal sellers are finally willing to sell at true market value, Painter said.
"There's a lot more action on the bottom end than the top," he said. He added that the silver lining is that some people who were priced out of the market for years might be able to buy.