Home values in L.A., Orange counties higher than reported, Zillow.com says

This recent article published in the LA Times (click here to read) points out what we have been noticing here for some time...that the real decline in values is not nearly as severe as the average median value declines reported in the news. And here in the prime location of the west San Gabriel Valley, the declines have been even less severe. Yes, we have noticed a drop in value, but it has not been very deep. From the peak, we have noticed a roughly 10% decline in value for prime properties (more severe discounts are seen on less-than-stellar properties and/or locations). It reminds me of the old adage "location, location, location"...during the heady days of the crazy market, I found myself on many occasions discouraging buyers who were desperate to get in to "anything" from buying properties that were not up to par in location or floorplan. I would remind them that this market, too, shall pass---a decline is in order, and when that happens, the properties in a poor location or with a wacky floor plan will take a larger hit than a good house, with good bones, in a good location, location, location!