No big price drops for Southern California real estate?

As home buyers retreat and wait on the sidelines for the Southern California real estate market to crash, some sellers are taking action. According to the LATimes, many home sellers are taking their homes off the market, rather than reducing their home sale prices. Many other sellers are still leaving their homes on the market, but refusing to drop their price. If these sellers can't sell without a hefty price reduction, they are ready to stay put. Consequently, the number of homes available in all the Southland real estate markets is dropping, even though home sales are also dropping.

Since the economy is strong and the job market remains steady, many home sellers are in no rush. Unlike the last downturn in the So Cal real estate market, there are only a small amount of foreclosures occurring. As a result, even though home sales are declining, home prices are still sheltered, as long as the economy remains strong.

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