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What's Your House Going to Be Worth in 2008?

Forecast news coming across the wires: "The median price of an existing California home is expected to decline 4% to $553,000 in 2008, compared with a projected median of $576,000 this year, according to the California Assn. of Realtors," reports the LA Times. Additionally, the group believes that sales will fall 9 percent in 2008. And some curious, cautionary words for sellers! "Now is not the time for homeowners to 'test the waters.' Only serious sellers should put their homes on the market in what will continue to be a challenging sales environment," Association President Colleen Badagliacco, tells the Times. More takes on today's data--and Badagliacco's quote-- from LA LA Land, the San Diego Union Tribune, and the Long Beach Press-Telegram.
· State home prices expected to drop [LA Times]